Markets open higher amid firm global cues

India's benchmark share indices opened 1% higher on Thursday, amid firm global cues, led by index heavyweights Reliance Industries, Infosys and private banks.

At 9:16AM, the 30-share Sensex was up 192 points or 1% at 18,745 and the 50-share Nifty was up 60 points at 5,648.

The Indian rupee which breached the Rs 60 mark yesterday gained 34 paise against the US dollar and was at Rs 60.37 in early trades.

US share indices extended gains on Wednesday after a downward revision of first quarter GDP erased fears that the Fed would start reducing its stimulus measures.  The Dow Jones gained 1 per cent, S&P 500 rose 1 per cent while Nasdaq ended 0.9 per cent higher.

Asian shares rose tracking overnight gains on Wall Street. Nikkei was up 1.9 per cent, Straits Times gained 1.2 per cent and the Kospi was up 2.9 per cent while Hang Seng was up 1.4 per cent. China's Shanghai Composite was up 0.5 per cent but gains were capped after investors turned cautious on worries over liquidity issues.

According to technical experts, the NSE Nifty may seek support around the recent lows of 5,565-odd levels. However, break of 5,550 can accelerate the down move and the index may soon tumble to 5,470 and 5,410-odd levels. Hence, one needs to be cautious at lower levels. Momentum still continues to remain in favour of the bears. On Thursday, the Nifty may seek support around 5,570-5,550, while face resistance around 5,645-5,670.

Among the index heavyweights Reliance Ind was up 1.5% while Infosys gained 1.2%. ICICI Bank and HDFC Bank were up 1.2% each.

Crompton Greaves is trading higher by 2% at Rs 80 in opening trades after the company said it has bagged three contracts from Power Grid Corporation of India (PGCIL), valued at Rs 232 crore for its Thiruvelum, Kurnool, Raipur and Wardha substations.

In the broader market, the BSE Mid-cap and Small-cap indices were up 0.8% each.

Market breadth was strong with 545 gainers and 126 losers on the BSE.