Markets have opened on a strong note on the first day of July F&O series on the back of short covering on hopes that European leaders finalise plans to resolve the debt crisis in the region at the two-day European Summit which ends today. The Sensex has opened higher by 270 points at 17,259 and the 50-share Nifty has opened above its important resistance of 5,200. The index has advanced 77 points to open at 5,226 levels.
Overnight, the US markets ended lower. The Dow Jones industrial dropped 25 points, to 12,602. S&P 500 Index shed 3 points to 1,329 and Nasdaq Composite 26 points to 2,849.
Asian markets were trading on a mixed note as European leaders argued over how to ease borrowing strains in Italy and Spain and stop the euro zone debt crisis spreading, with investors fearful of US reaction to the deadlock. The Nikkei and Shanghai composite were trading lower. While, the Hang Seng advanced 370 points to 19,395 levels.