Markets gain on global cues

Markets continue to tade smart. The Sensex is up 333 points at 17,478. Nifty is up 102 points at 5,322.

Multi-Commodity Exchange (MCX), the first Indian bourse to list on an exchange, has debuted at Rs 1,387, a 34% premium against its issue price of Rs 1,032 per share on the Bombay Stock Exchange (BSE). The stock hit a high of Rs 1,426 on the BSE and is trading at Rs 1,341 at the moment.
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(Updated at 0935 hrs)

The markets have opened higher tracking positive global cues. The Sensex is up 292 points or 1.7% at 17,438. Nifty is up 93 points at 5,313.

US stocks rose on Thursday after Greece moved closer to a bond swap with private creditors to avoid a default. The Dow Jones industrial average gained 0.6 per cent to 12,908 at the close, while the Standard & Poor's 500 Index rose around a per cent to 1,366.

In Asia, Japan's benchmark Nikkei average opened up 1.5% at 9,911 on Friday, while the broader Topix gained 1.3% per cent to 847 levels.

Back home, the Nifty is likely to seek support around 5,190 – 5,175, while it may face resistance around 5,250 – 5,265 levels, technical analysts suggest.

All the sectoral indices are in green this morning. BSE realty index has gained 2.7% to 1,826. Bankex, metal and capital goods indices have also moved up around 2% each.

Heavyweights ICICI Bank and Reliance together account for a 70 point rally in the Sensex. ICICI Bank, the top gainer among Sensex stocks, has jumped 3.6% to Rs 892. Reliance, meanwhile, has added 1.7% at Rs 775.

Metal share are up with Sterlite and Tata Steel gaining 3% each. Tata Steel is looking to foray into merchant mining, a move that could mark the emergence of a new metals and mining powerhouse. SBI, Larsen & Toubro, Tata Motors and Hindalco are some of the other key gainers.

Among individual stocks, MTNL has added 3.5% to Rs 31. Reports suggest that LIC wants to divest its 18.81 per cent stake in the company through private placement of shares.

Moody’s has downgraded various debt instruments of Bank of India by a notch, owing to a sharp rise in non-performing assets and pressure on profitability. Shares of BOI has moved up 2% to Rs 357.

Glenmark Pharmaceuticals has received final approval from the US health regulator for its generic cream used for treating skin disorders. The stock is up 2% at Rs 301.

BSE market breadth is positive with 1,105 shares on the advancing side and 249 on the declining. A total of 1,393 shares have been traded so far.