Markets advance on firm global cues

Sensex opens higher by 60 points

Markets have opened on a positive note tracking tracking firm global cues. The Sensex has advanced 58 points to open at 18,519 and the 50-share Nifty has opened higher by 11 points at 5,625.

The Asian markets were mostly trading higher as policymakers in Europe reassured markets that a deal on releasing emergency aid to Greece was close, while a cease-fire in the Middle East further boosted optimism.

Gains were limited going into the US Thanksgiving holiday, however, as the failure of European lenders to come to an agreement on Greece kept investors cautious. Trading was extremely light ahead of the US trading holiday on Thursday.

The Hang Seng advanced 0.7% or 151 points at 21,675, Nikkei advanced 1% or 97 points at 9,319, Straits Times jumped 28 points at 2,981 and the Taiwan Weighted gained 25 points to 7,112.

Overnight, the  US stocks finished modestly higher on Wednesday, with the S&P 500 up for a fourth session although trading volume was one of the year's lowest on the day ahead of the Thanksgiving holiday.

Investors welcomed news that a ceasefire between Israel and the Palestinians, though the lack of a deal to release emergency aid for Greece limited the market's advance.

The Dow Jones industrial average gained 48 points, or 0.38% to close at 12,837, S&P 500 Index added 3 points to 1,391 and The Nasdaq Composite Index rose 10 points, or 0.34 percent, to close at 2,926.

Back home, pharma stocks are among the top Sensex gainers after the Group of Ministers (GoM) on the proposed National Pharmaceutical Pricing Policy has decided to make some key changes in its earlier recommendations to soften the prices of essential medicines.

The changed position might prevent companies from dodging the price regulation by changing the composition of drugs.

Cipla has advanced 1% to open at 393 and Dr Reddy's Labs has also opened higher by 0.8% at Rs 1,749. SBI, Wipro, Tata Steel, HUL, Larsen & Toubro, Jindal Steel, Bajaj Auto, HDFC Bank and Sterlite Industries are also among the gainers from the heavyweight pockets, up 0.5-0.8% each. While, TCS, Infosys, Bharti Airtel, Reliance Industries and Tata Power have opened on a weak note.

On the sectoral front, the BSE realty index is the top gainer, up 0.6% at 1,889. Capital goods, bankex, metal, healthcare, auto and consumer durable indices have also opened higher by 0.2-0.4% each. While the BSE IT index has opened on a weak note, down 0.1%.

The broader markets are in-line with the benchmark indices. The BSE mid-cap and small-cap indices are up 0.3% each.

The overall breadth is positive as 832 stocks are advancing while 313 sre declining.