Markets open higher as heavyweights gain

The ones leading the opening gains were names like HDFC, Reliance Industries, HDFC Bank and TCS

Markets opened on a strong note, ignoring weak global cues, on the back of buying in names like HDFC, Reliance Industries, HDFC Bank and TCS. At 0940 hrs, the Sensex was up 73 points at 19,577 and the Nifty added 25 points at 5,955.

The broader markets too opened higher with the mid and smallcap indices gaining 0.5% each, outperforming the BSE benchmark index, which was up 0.3%.

Meanwhile, in Asia, growing doubts over the health of global economies pushed Asian shares lower on Thursday, adding to investor caution before the European Central Bank meeting later in the day that could see interest rates cut to support growth.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5% and Japan's Nikkei stock average slipped 0.5%, heading for a fourth straight session of losses, which would mark the longest such losing run since November, just before Prime Minister Shinzo Abe starting making election-campaign promises of expansionary monetary and fiscal policies to spur growth.

In US, stocks fell sharply on Wednesday as the latest economic data continued a trend of indicators pointing to anemic growth while bellwether companies disappointed on revenue.

The Dow Jones industrial average lost 0.94%, to 14,701 at the close. The Standard & Poor's 500 Index dropped 0.93%, to finish at 1,583. The Nasdaq Composite Index slid 0.89%, to close at 3,299.

Back home, among the sectoral indices, IT, Oil & Gas, Bankex, Health Care and Metal indices started in the green, gaining 0.2-0.8%. Meanwhile, Auto, FMCG, Consumer Durables, Power and Realty opened in the negative, losing 0.1-0.8%.

The top gainers among the Sensex-30 were IT majors TCS, Infosys up 1-1.6% along with financials like HDFC, SBI, HDFC Bank and ICICI Bank adding 0.4-1.5%.

ONGC and Reliance Industries too added up 0.4% each. Jindal Steel, Hero MotoCorp, L&T, Coal India, Cipla and Tata Steel, up 0.6-1.1% were the other notable gainers.

Among the losers were Bharti Airtel which slipped over 3.5% after reporting 49% year-on-year (yoy) drop in its consolidated net profit at Rs 509 crore for the quarter ended March 2013 (Q4) mainly due to higher depreciation and amortization cost, net interest costs. The company had reported a profit of Rs 1,006 crore in year ago quarter.

Auto majors Tata Motors, Mahindra & Mahindra and Bajaj Auto slid 0.7-2%.

Both ITC and Hindustan Unilever slipped 1% each.

The market breadth was positive on the BSE. 651 stocks advanced while 307 stocks declined.