Markets open higher tracking firm global cues

BSE Realty, Consumer Durable, Oil & Gas and PSU indices have spurted by nearly 2% each followed by counters like Power, Banks, Metal and Capital Goods, all gaining by 1% each.

Markets have started the trading session on a higher note tracking firm global cues. By 9:35, the Sensex surged 129 points at 18,865 and the Nifty was at 5,691 up 39 points.

Bonuses at Wall Street firms will rise 15% this year despite ongoing pressure from investors, regulators and politicians about compensation levels, according to compensation-consulting firm Johnson Associates Inc.

In Asia this morning, the Nikkei has gained 1.2% at 12,492 as the yen fell against other major currencies amid abating concerns over a Cypriot bailout deal. The Seoul Composite is up 1.3% as well. At 630 hrs IST the SGX Nifty is trading at 5,667 - up six points.

Cyprus will get the first tranche of a 10 billion euro international bailout in early May after all formalities are finished in April, Klaus Regling, the head of the euro zone bailout fund, the European Stability Mechanism, said on Tuesday.

Back home, BSE Realty, Consumer Durable, Oil & Gas and PSU indices have spurted by nearly 2% each followed by counters like Power, Banks, Metal and Capital Goods, all gaining by 1% each. Apart from IT, all the major BSE sectoral indices are trading in green zone.

The main gainers on the Sensex at this hour include ONGC, HDFC, GAIL, NTPC, Tata Power, Tata Steel, SBI, Tata Power, Maruti Suzuki and ICICI Bank, all surging between 1-3%.

On the losing side, Bharti Airtel, Bajaj Auto and Infosys have declined by 1% each.

Shares of state-owned oil marking companies (OMC), including refineries stocks have rallied up to 5% in morning deals after the public sector oil retailers increased diesel retail prices by 45 paise a litre from Saturday.

All three listed OMC companies Indian Oil Corporation, HPCL and BPCL are trading higher by 3% each, while Oil India has surged almost 5% and ONGC up 4% in early morning deals on BSE compared to less than 1% rise in benchmark Sensex.

The broader markets are out performing the benchmark indices. BSE Midcap and Smallcap indices are up by nearly 1% each.

The market breadth in BSE remains firm with 908 shares advancing and 434 shares declining.