Markets open on a cheerful note

When the global markets do well, the domestic bourses can not be left far behind. Wall Street had gained overnight on stronger-than-expected GDP data in Germany and successful Portuguese bond sale. The Dow ended stronger by 148 points and the Nasdaq added 49 points. And the Asian indices understandably opened in the green; Hang Seng strengthening by 118 points and Nikkei adding 155 points in early trades. No matter, our markets had a gap-up opening and have resolutely held on to their gains. The Sensex is quoting at 17336, stronger by 140 points and the Nifty is just shy of the 5200 mark at 5195, higher by 41 points.

The broader market space also looks good. The midcap index is up 0.7% at 6988 and the smallcap space is up 0.4% at 8886. And the breadth is also terrific, with five advancing stocks behind every decline.

Auto stocks are in the limelight this morning. M&M has gained 1.9% at Rs 556 to emerge as the leading gainer on the Sensex and Tata Motors has gained by 1.4% at Rs 814. Among the other major gainers, Reliance Infra has strengthened by 1.6% at Rs 1017 and Jaiprakash Associates is up 1.6% at Rs 132. And Bharti Airtel is seeing a rebound of sorts. After being hammered by more than 6% post the Trai ruling on Wednesday, the telecom stock is up 1.1% at Rs 264 this morning.

Among the losers, Reliance Communication has extended its previous day's losses. The telecom major from the ADAG stable is down 0.7% at Rs 146. ACC is also down 0.5% at Rs 872.