The domestic stock markets have opened strong in line with the positive cues from the global front. Wall Street had closed higher over the weekend and Asian markets are looking up in early trading. At 9:17 am, the BSE Sensex was trading at 49,026.33, higher by 303 points or 0.59 per cent and the NSE Nifty was at 14,752.30, up 73.05 points or 0.51 per cent, led by gains in financial stocks.
The broader markets are also trading firm, with the BSE Midcap index adding 0.2 per cent and BSE Smallcap index gaining 0.6 per cent.
Asian shares edged cautiously higher on Monday catching the tailwind from a bounce on Wall Street and ahead of what are expected to be upbeat readings on the Chinese economy, though any disappointment could quickly chill the mood.
MSCI’s broadest index of Asia-Pacific shares outside Japan firmed 0.2 per cent, nudging further away from a four-month trough hit last week. Japan’s Nikkei gained 0.4 per cent, having also touched its lowest since early January last week.
Wall Street closed higher in a broad rally on Friday, an upbeat conclusion to whipsaw week of buying and selling as signs of a rebounding economy squared off against mounting inflation jitters. The Dow Jones rose 1.06 per cent, the S&P 500 gained 1.49 per cent and Nasdaq Composite added 2.32 per cent.
On the earnings front, Bharti Airtel, Federal Bank, Colgate Palmolive, Gland Pharma and Sun Pharma Advanced Research Company will declate their results during the day.
Financial stocks are in the limelight this morning. SBI, IndusInd Bank, ICICI Bank, Bajaj Finserv, HDFC and HDFC Bank have gained 1-2 per cent each to top the gainers list on the BSE.
On the other hand, L&T has shaved off more than 2 per cent at Rs 1,376.90 to top the loser’s list on the BSE. Bharti Airtel is trading lower by 1.4 per cent at Rs 552 ahead of its results scheduled later in the day. NTPC, Tech Mahindra and Sun Pharma are the other significant losers among BSE names.
The BSE market breadth is strong. Out of 2456 socks traded on the BSE, there are 1655 advancing stocks as against 668 declines.