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Markets firm in morning deals

Buying visible across the board

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are trading on a firm note in the morning deals on the back of firm global cues. In domestic markets, buying is visible across the board. The has advanced 126 points to 16,841 and the 50-share is at 5,106 levels up 38 points.
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(Updated at 9.18 AM)



Markets have opened higher in trades today tracking firm Asian cues. The Sensex has opened higher by 162 points at 16,880 and the 50-share Nifty has opened above the crucial psychological level of 5,100 up 51 points at 5,119 levels.

Market experts suggest that the sentiment will be influenced in the days ahead by a combination of domestic and global factors such as inflation numbers, IIP data, monsoon's progress and outcome of Greece elections. For the week ended June 8, the 30-share Sensex and the Nifty surged 4.7% each.

The Asian markets were also trading higher after the Eurozone finance ministers greed to lend Spain up to $125 billion to shore up its struggling banks. Following this development, the Nikkei advanced nearly 2% or 157 points to 8,616, Hang Seng jumped 373 points to 18,875 and the Taiwan Weighted index jumped 84 points to 7,083 levels.

Back home, Sterlite Industries is the top gainer among the Sensex stocks. The stock has jumped 4% to open at Rs 105. Tata Power, Hindalco, Bajaj Auto, Gail India, Coal India, Tata Motors, Larsen & Toubro, BHEL, Maruti Suzuki and State Bank of India have also opened higher by 1.3-2.6% each. On the other hand, ITC is the only laggard from the heavyweight pockets.

Buying is visible across the board. The BSE metal index is the tiop sectoral gainer, up 1.6% or 163 points at 10,471. Power, consumer durables, auto, bankex and PSU indices have also opened higher by 1.15-1.4% each.

Among the individual stocks, Reliance Capital has jumped 2.3% to Rs 348 in the opening deals after the RBI approved Reliance Group's Rs 1,450-crore stake sale in its mutual fund business unit to Japan's Nippon Life.

Mahindra Satyam has also gained 2.15% in the opening deals on reports that the shareholders have given approval for merger of Mahindra Satyam with Tech Mahindra.

The broader markets are in line with the benchmark indices. The BSE mid-cap index is up 49 points at 6,037 and the small-cap index is up 47 points at 6,373 levels.

The overall breadth is positive as 870 stocks are advancing while 247 are declining.

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