Markets open higher, SBI results, June IIP eyed

Sensex opens higher by 100 points

Markets have opened higher in trades today on the back of positive Asian cues. The Sensex has advanced 100 points to open at 18,889 and the 50-share Nifty has advanced 30 points to open at 5,596.

At the same time, the Indian rupee gained 41 paise to the US dollar and opened at 60.47.

The Asian markets are trading on a positive note. China's Shanghai Composite advanced 27 points to 2,079, Hang Seng is up 347 poihnts at 22,154, Straits Times has advanced 10 points at 3,240, taiwasn Weighted is up 52 points at 7,908 and the Japan's Nikkei is flat at 13,615.

Meanwhile, Wall Street closed out its worst week since June on Friday, pulling back from record highs as investors focused on when the Federal Reserve will start to wind down its stimulus program, while the dollar rebounded from a seven-week low.

Back home, on the macro economic front, industrial production for the month of June is due to be announced later in the day today.  The IIP may shrank an annual 1.2 percent, after unexpectedly falling 1.6 percent in May, a Reuters poll showed.

Sun Pharma is the top gainer among the Sensex stocks, the stock has opened higher by 5% at Rs 533 despite reporting a loss of Rs 1,276 crore on account of settlement of a patent suit with Wayeth worth Rs 2,517.41 crore. Tata Steel is also trading higher by 4% at Rs 227, the company has bagged an order to manufacture 60,000 tonnes of high-quality rail for a new high-speed line linking Mecca and Medina in Saudi Arabia.

The new railway will allow millions of pilgrims to cross the 276 miles (444km) between the two cities at speeds of 200mph (320kmh), the company said in a statement.

Other gainers on the Sensex include, Cipla, Coal India, HDFC, Jindal Steel, Sterlite Industries, ITC, Tata Motors, ICICI bank and Maruti Suzuki.

On the other hand, SBI is the top loser among the Sensex stocks, the stocks is trading lower by nearly 2% at Rs 1,632 ahead of its first quarter results which are due later in the day today. Dr Reddy's Labs, HDFC Bank, NTPC, TCS, BHEL, Mahindra & Mahindra, RIL and Tata power are also trading on a weak note, down 0.2-1.5% each.

BSE realty index is the top sectoral gainer, the index has advanced 2.2% to 1,249 levels. Healthcare, metal, consumer durables, FMCG, capital goods and auto indices are also up 1-2% each. On the other hand, BSE banking index- bankex is the top loser down 0.5%, power and oil & gas indices are also trading in the red.

The broader markets are trading on a firm note, BSE mid-cap and small-cap indices are up nearly a per cent each.

The overall marrket breadth is positive as 708 stocks are advancing while 313 are declining.