Markets open on a firm note

BHEL, SBI and DLF top gainers among the Sensex stocks

Markets have opened on a firm note in trades on Monday tracking firm opening of the Indian rupee against the US Dollar. The Sensex opened higher by 94 points at 16,311 and the 50-share Nifty advanced 28 points to 4,948 levels.

As per technical analysts the Nifty is likely to target the 5,000-mark in trades today. The index would look to seek support around 4,900-4,890, while it can face resistance around 4,940–4,950 levels.

The Asian markets are trading on a flat note. The Shanghai is down 4 points at 2,329, Hang Seng has advanced 61 points to 18,774 and the Nikkei is trading marginally lower at 8,579 levels.

On the macro economic front, surveys are showing a lead in opinion polls for Greece's pro-bailout package which will calm the fears of a disorderly exit from the euro bloc.

Meanwhile, the weakening Indian rupee has opened on a mildly firm note, opening at 55.25 against the US Dollar. 

BHEL is the top gainer among the Sensex stocks, up 1.3% at Rs 211. State Bank of India, DLF, Tata Power, Tata Steel, Mahindra & Mahindra, Bharti Airtel, Maruti Suzuki, Bharti Airtel, Hindalco, ITC and Infosys are also among the gainers, up nearly 1% each. On the other hand, Gail India, Hindustan Unilever and Jindal Steel are among the notable losers.

Among the individual stocks, Coal India is trading higher by 1% in the opening deals ahead of its quarterly results which are to be announced later in the day today.

Reliance Communication has opened higher by 3.5% at Rs 68 on reports that the company has nearly doubled its net profit to Rs 332 crore in Q4FY12 due to Rs 119-crore tax adjustment.

Buying is visible across the board. The BSE Auto index is the top sectoral gainer, up 1% to 9,335 levels. Bankex, capital goods, metal, power, PSU and consumer durable indices are also trading higher by 0.6-1% each.

The broader markets are trading higher. The BSE mid-cap index is up 30 points at 5,930 and the small-cap index has advanced 31 points to 6,349.

The overall breadth is positive as 736 stocks are advancing while 319 are declining.