 "Sensex opens 160 points higher on firm global cues")
Markets opened higher, amid firm global cues, with financial and information technology shares leading the gains.
At 9:16AM, the 30-share Sensex was up 160 points at 25,614 and the 50-share Nifty was up 58 points at 7,773.
ICICI Bank, Tata Motors, Infosys, Sun Pharma and L&T were among the top Sensex gainers in opening trades.
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(updated at 8:23AM)
Markets are likely to see a rebound in the morning trades as the global peers staged recovery after the recent plunge which was triggered by signs of slowing growth in China and the prospects of an interest rate hike by the US Fed.
At 9:16AM, the 30-share Sensex was up 160 points at 25,614 and the 50-share Nifty was up 58 points at 7,773.
ICICI Bank, Tata Motors, Infosys, Sun Pharma and L&T were among the top Sensex gainers in opening trades.
______________________
(updated at 8:23AM)
Markets are likely to see a rebound in the morning trades as the global peers staged recovery after the recent plunge which was triggered by signs of slowing growth in China and the prospects of an interest rate hike by the US Fed.
Movement of rupee and crude oil along with FII stance are likely to dictate the trend on the bourses later during the session.
MONSOON
India's June-September monsoon rains are likely to be below the prior forecast of 88 percent of the long-term average, the weather office chief said, which could make it the driest year since 2009 and reduce farm output.
GLOBAL MARKET
Asian shares showed recovery though volatility remained high as investors fretted over global economic health. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3% while Japan's Nikkei gained 1.4%.
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Meanwhile, China’s Shanghai Composite and Hong Kong’s Hnag Seng are closed today.
US stocks snapped the 3-day losing streak and rebounded yesterday, recovering a significant portion of their losses from the day earlier after the sharp fall which was triggered by signs of slowing growth in China. The Dow Jones industrial average added 1.8%.The Standard & Poor's 500 surged 1.8% and the Nasdaq composite rose 2.5%.
STOCKS TO WATCH
Cipla acquired the exclusive rights to market skin care products of the country's leading derma and cosmeceutical player Percos India, in a deal worth approximately Rs 90 crore.
VA Tech Wabag and its consortium partner Muhibbah Engineering (M) Bhd secured a contract worth Rs 1,500 crore from Malaysia's national oil and gas company Petronas (Petroliam Nasional Berhad).
The production in state-owned Coal India was severely hit as majority of its workers joined Wednesday's general strike to protest the centre's disinvestment move in the company and the proposed reforms in the labour law.
Jet Airways is likely to see some action after the company decided to merge its wholly owned unit Jet Lite (India) Ltd with itself.
Bhushan Steel will seek shareholders' nod to raise up to Rs 547.50 crore through private placement of shares to meet fund requirements of the company.
Mahindra Holidays and Resorts India hiked its stake to 83.20% in Finland's Holiday Club Resorts (HCR) through its overseas subsidiary.
Airtel entered into four-year contract with network equipment supplier Ericsson to roll out 4G services and to expand 3G networks across selected circles.
FMCG major Hindustan Unilever (HUL) is likely to see some action after it has cut shampoo prices in response to rival Procter & Gamble's recent moves.