Business Standard

Markets up in opening trades

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The markets have opened on a strong note tracking global cues. The has opened up 192 points at 17,780. Nifty has opened at 5,417 - up 58 points.

Defensive names rallied in an otherwise flat day for Wall Street on Monday as investors paused after recent gains and looked ahead to the Federal Reserve's monetary policy statement. The Dow Jones industrial average added 0.3 per cent to 12,960, while the Standard & Poor's 500 Index inched up 0.02 per cent to 1,371 levels.

In Asia, Japan's benchmark Nikkei share average rose 0.5 per cent on Tuesday, aided by the softer yen, while MSCI's index of Asia Pacific shares outside of Japan also added 0.5 per cent.

metal index has added 1.6% this morning to 11,797 Realty, capital goods and power indices are also up. The bankex is up 1% at 12,345.

BHEL is the biggest gainer among Sensex stocks, up 2.5% at Rs 292. Jindal Steel, Tata POwer, Coal India and Maruti Suzuki have added 2% each. Infosys and Reliance are the top contributors to the Sensex' upmove and accounts for 50 points in the index's gain.

However, Wipro has shed 2.2% to Rs 428. A trust controlled by Wipro's billionaire founder Azim Premji plans to sell up to 35 million shares or around a 1.4% stake in the software company on the via a new auction process to fund education projects.

Jet Airways has dipped 1.3% to Rs 289 after stating that the tax authorities have not frozen the airline's bank accounts, contrary to reports, and it plans to pay its January tax dues soon.

Competition watchdog CCI has ordered a probe into allegations that coal giant CIL is imposing unfair conditions for the supply of coal to Maharashtra State Power Generation Company. However, CIL has advanced 1.7% to Rs 342.

Natco Pharma has received a compulsory licence from the Indian patents office to manufacture and sell a generic version of Bayer's cancer treatment drug Nexavar. The stock is up 3.4% at Rs 326.

Biocon has slumped 7% to Rs 248 after Pfizer scrapped a deal to sell insulin products made by Biocon Ltd.

Trent has gained 3% to Rs 937 after successfully completing the QIP issue.

BSE market breadth is fairly positive. Out of 1,303 stocks traded, 947 shares have advanced while 320 shares have declined.

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