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| Markets start off marginally higher |
| SI Reporter / Mumbai Feb 22, 2012, 09:30 IST |
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Markets started off marginally higher led by index heavweights ONGC and Reliance Industries. The BSE benchmark index, Sensex, started up 76 points at 18,505 and the Nifty added 16 points to start at 5,623.
However, continuing the trend, the broader markets have opened stronger with the smallcap and the midcap indices up 0.5 percent each.
Overnight in the international markets, US stocks were little changed with the Dow Jones ending up 10 points, or 0.07 per cent, at 12,959. The Standard & Poor's 500 Index added 2 points, or 0.16 per cent, at 1,363.
Japan's benchmark Nikkei average opened down 0.03 per cent at 9,459.74 on Wednesday, while the broader Topix gained 0.09 per cent to 816.99.
Among the sectoral indices, Power, Realty and Oil & Gas indices opened up 1 percent each. However, Bankex and IT indices started flat.
The top gainers among the Sensex stocks was ONGC up 4 percent at Rs 302, extending its previous day’s 4 percent rally on reports that the Empowered Group of Ministers (EGoM) is expected to meet on February 24 to chalk out roadmap for the company’s stake auction.
Tata Power, BHEL, Sterlite, Coal India and Sun Pharma up 1 percent each were the other notable gainers in the opening deals. Index heavyweight, Reliance Industries was up 0.5% at Rs 846.
SBI, ICICI Bank, Infosys, HDFC and Bharti Airtel which lost between 0.2-0.6 percent were the only losers among the Sensex stocks.
The market breadth was very positive. 904 stocks advanced while 331 stocks declinedon the BSE.
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