Markets open higher on global cues

Markets have opened in the green this morning, following cues from the global bourses. Nifty is up 32 points at 5,365.

In Asia, markets are trading on a mixed note after Friday's smart rally. Hang Seng and Shanghai Composite have dropped 0.3% each while Nikkei has moved up 0.3%.

On Friday, Wall Street added smartly with the Dow gaining 14 points to 12,922 and  Nasdaq surging 0.6% to 2,988.

Markets would be looking at the Railway Budget, Economic Survey and the Annual Budget due this week, for directions.

Bank Nifty has gained smartly this morning, following the Reserve Bank of India's decision to cut CRR by 75 bps after market hours on Friday. The cut was higher than the expected 25 basis points cut. The sector is also upbeat ahead of the monetary policy review on Thursday and IIP data which is due later today. The index is up 1.5% at 10,670. The CNX PSU Bank index has surged 2.6% at 3,652.

However the CNX FMCG index has slipped 0.2% at 10,539.

SBI is the top gainer from Nifty stocks, up 3.5% at Rs 2,306. IDFC, Larsen & Toubro and Axis Bank have added 2-3% each, followed by Punjab National Bank and ICICI Bank.

Meanwhile, ACC and Cipla have shed around 1% each in trades. ITC, TCS and Tata Motors have slipped marginally as well.

From individual stocks Tata Steel has advanced 0.7% at Rs 458. The company has started preparation to begin underground chromite mining at its leasehold area in Sukinda valley in jajpur district. Tata Steel had been excavating chrome ore from its mines in the area for nearly half a century by open cast method.

TV18 Broadcast has added 1% at Rs 29.15 as the holding company, Equator Trading, has proposed to acquire for a consideration of Rs 1,925 crore, reported a loss of Rs 42 lakh for the year ended March 31, 2011, according to regulatory filings by the broadcaster.