Markets scale gains in opening trades

Asian markets surged taking cues from US market which were upbeat on positive data indicating a fast recovery there

Market opened on a positive note tracking global cues. Also, Nifty futures at the Singapore Stock Exchange (SGX Nifty) was trading 6 points higher at 6310 supporting the positive start.

The 30-share Bombay Stock Exchange (BSE) Sensex opened almost 44 points higher at 21,137 levels and the 50-unit Nifty of the National Stock Exchange (NSE) was trading 14 points higher at 6296 levels.  

Asian markets took cheer on Tuesday after Wall Street rang up more records and upbeat US spending data burnished the outlook for the global economy, with Japan's Nikkei hitting a 2013 high after Tokyo markets opened after a holiday. Tokyo's Nikkei sped to a six-year peak, adding about 0.8% and topping the 16,000-mark, driven by buying from long-only investors after Wall Street marched upwards. Japan's benchmark was up more than 50% this year, on track for its best annual rise since 1972.

US stocks climbed on Monday, with the Dow and S&P 500 advancing to all-time highs as a distribution deal by Apple Inc with China Mobile boosted the technology sector.

Apple rose 3.8% to USD 570.09, its biggest percentage gain in three months, after the tech titan said on Sunday it had signed a long-awaited agreement with China Mobile to sell iPhones through the world's biggest network of mobile phone users a deal that could add billions of dollars to its revenue.

DJI rose 73.47 points or 0.45%, to end at 16,294.61, a record high. The S&P 500 gained 9.67 points or 0.53%, to finish at a record 1,827.99. The Nasdaq Composite advanced 44.163 points or 1.08%, to close at 4,148.903, its highest since August 2000.

Asian markets too are trading firm after Wall Street rang up more records and upbeat U.S. spending data burnished the outlook for the global economy, even as benign inflation left gold on course for its worst year in over two decades.

At 8:20 AM, the SGX Nifty was flat at 6,305.

According to a technical analyst, “Stop loss shorts at 6350. Stop loss long positions at 6250. A breakout/ breakdown could go till 6400 or 6200 respectively. A strangle of long 6400c (4.5) and long 6200p (3.5) could hit a cmobined value of 20-plus if there's a big move”

Meanwhile, RBI Governor Raghuram Rajan said the central bank had tilted towards keeping rates on hold even before November consumer and wholesale price inflation data were released.