Markets trade on a firm note
The markets started the day on the strong note mirroring the positive global cues. The BSE benchmark index, Sensex started up 168 points at 17,469 and the Nifty added 45 points at 5,281.
Meanwhile, the broader markets too showed strength and gained 0.8% each almost in line with the benchmark index.
The Dow Jones industrial average gained 0.66 per cent to 12716 points while the Nasdaq rallied 1.22 per cent to 2848 points.
Strong manufacturing data in the US and positive reports on the Greek debt crisis brought the optimism. Also, corporate earnings are in line with expectations.
In Asia too, the markets have opened in the green. Japan’s Nikkei is trading 0.8 per cent higher while Hong Kong’s Hang Seng is up 1.2 per cent.
Back home, the news flow is positive. The Manufacturing Purchasing Managers Index or PMI posted the fastest growth in eight months, fuelling economic optimism and a brightening chances of a quick revival. With strong PMI, we can expect an across the board rally.
Among the sectoral indices, Power, capital Goods, Consumer Durables and Metal indices surged 1-2% each in the opening trades. Meanwhile, defensives like FMCG and Health Carewere the laggards in the trade, marginally up 0.1% and 0.5% respectively.
The main gainers on the Sensex are Tata Power, Coal India, Hero Moto, M&M, Hindalco Industries, ICICI Bank and L&T, all having gained between 2-4%.
On the other handr, ITC, which is marginally down, is the only loser among the Sensex stocks.
The overall market breadth in BSE isd firm with 699 advances and 107 declines.