Markets open higher, new listings gain

The markets opened higher with the Sensex gaining 52 points at 18,779 and the Nifty is up 11 points at 5,637. The broader markets consisting of the smallcap and the midcap indices too opened in line with the BSE benchmark index gaining 0.3% each. However, there was a small blip moving ahead but quickly rebounded. The Sensex is currently up 115 points at 18,842 and the Nifty is up 32 points at 5,657.

The new listing Rushil Decor,which makes decorative laminated sheets and plain particle board debuted at Rs 81 as compared to the IPO price band of Rs 63-72 per share.Birla Pacific Medspa debuted at a premium of 26.50% over the initial public offer price of Rs 10 per share. The scrip is trading at Rs 12.65.

Among the sectoral indices, Consumer Durables and FMCG indices are leading the gains up 1% each followed by realty. Oil & Gas and Power indices. On the other hand, Bankex has started in the negative, down 0.3%.

Foreign funds have pumped in nearly $2 billion in the eight sessions to July 4, as they ramped up their interest in riskier emerging market assets, helping the main index rack up gains.

Ashish Chaturmohta from IIFL, Vice President - Derivatives and Technical Analyst says that technically, Nifty future has resistance around 5700 levels, on downside short term support exists at 5620 levels, breaking below which there will be profit booking till 5580 levels where support can emerge.

Markets across Asia are trading mixed. Taiwan Weighted,Shanghai Composite and Nikkei are down 0.1-0.4% while Seoul Composite,Straits Times,Jakarta Composite and Hang Seng have gained 0.3-0.5%.

The top gainers among the Sensex stocks in the opening trades are Bharti Airtel, Jindal Steel, Reliance Infrastructure, Reliance Industries and ITC up 1% each.

Sterlite, ICICI Bank down 1% each are the top losers followed by Maruti Suzuki, HDFC Bank and Hindalco losing 0.3% each.

The market breadth is very positive. Of the total 1555 stocks traded on the BSE, 1033 stocks have advanced while 453 have declined.