Markets open strong

The markets started the last trading session of the week on a strong note with the Sensex up 123 points at 17,743 while the Nifty gained 31 points to begin the day at 5351. The broader markets too had a fair opening. The smallcap and the midcap indices are up 0.6% each underperforming the Sensex which gained 0.7% in the opening trades.

Currently the BSE benchmark index has gained 239 points at 17,962 and the Nifty added 69 points at 5,389.

All the sectoral indices started in the positive. Consumer Durables, IT, PSU and Oil & Gas indices gaining 1% are leading the opening gains. Power index had a muted opening with a moderate 0.2% gain.

However in the US markets, stocks closed way off session lows on Thursday on news Greece agreed to a five-year austerity plan, but lingering economic uncertainty ultimately drove the S&P 500 lower, keeping a downward trend in place. The Dow Jones industrial average dropped 0.49% to end at 12,050. The Standard & Poor's 500 lost 0.28% to 1,283.50. But the Nasdaq Composite  gained 0.66% to close at 2,686.75.

Meanwhile, the Asian markets largely opened positive with Hang Seng and  Seoul Composite indices leading the gains up 1% each. The gains were mostly lead by the airlines stocks after a sharp drop in oil prices and exporters also gaining ground.The Nikkei marginally picked up 0.3% on reports that European Union leaders promised more money to help Greece stave off looming bankruptcy, provided its parliament enacts an austerity plan finalised in fraught last-minute talks with international lenders.

The top Sensex gainers are ONGC and TCS up nearly 2% followed by SBI, Hero Honda,Maruti Suzuki,Infosys,HDFC,ICICI Bank and Reliance Communications gaining 1% each. The sugar stocks rallied as an empowered group of ministers (EGoM) gave a nod for 5 lakh tonnes of sweetener exports.

Market heavyweight, Reliance Industries is the only Sensex scrip which started in the negative, down 1% at Rs 861.

The market breadth is positive. Of the total 1455 stocks traded on the BSE, 995 stocks have advanced while 407 declined.