Benchmark indices continue to edge higher with the Sensex and the Nifty gaining nearly 0.5% each. The broader markets too are in line with the Sensex. At 10.45am, the Sensex was up 80 points at 17,940 and the Nifty added 23 points at 5,438.
After a slow start, the IT index gained over 1% along with Metal and Consumer Durables indices. Meanwhile, Auto, Oil & Gas and Power indices turned flat with a negative bias.
Among individual stocks, Reliance Communication slipped 3% to Rs 52.75, also its lifetime low on worries about the impact from the entry of a unit of Reliance Industries into the telecom sector. The internet arm of Mukesh Ambani-led RIL Infotel Broadband is planning to offer cheaper data and voice services soon.
Singer India soared 19% to Rs 43.45 on back of huge volumes after reporting a net profit of Rs 3.80 crore for the fourth quarter ended June 30, 2012. The industrial machinery maker had reported loss of Rs 1.88 crore in previous year quarter.
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(Updated at 9:45 am)
Markets opened in the green on the back of supportive Asian cues. At 9:45am, the Sensex up 55 points at 17,902 and the Nifty added 20 points to open at 5,429.
The rupee rose to an over one-week high on Thursday after the euro jumped to a seven-week high on hopes of monetary easing by the Federal Reserve and as the government made it easier for companies to tap overseas funds. The rupee was trading at 55.2325/2475 versus its last close of 55.4950/5050.
Overnight, US markets edged down as government bond yields fell as Eurozone officials met to discuss the debt crisis. The Dow Jones industrial average was down 21 points at 13,182 while the S&P 500 erased earlier losses to close flat.
In Asia, the markets were largely in the green as the Federal Reserve's minutes raised the prospect for more stimulus while uncertainty continued over progress in Europe's debt crisis including the European Central Bank's bold action.
Japan's Nikkei average pared earlier losses to trade flat as investors betted on stronger Chinese manufacturing data, helping offset pressure on exporters as yen firmed after the Fed signaled it is likely to launch more stimulus. Shanghai Composite and Taiwan Weighted were the only other markets in the red.
Back home, the Nifty is likely to seek support around 5,400 – 5,390, while it can face resistance around 5,425 – 5,435 levels, technical analysts suggest.
The broader markets opened almost in line with the Sensex gaining 0.4% each.
All the sectoral indices on the BSE opened in the green. The ones leading the gains were Metal , Consumer Durables and Health Care indices gaining between 0.4-1%. However, IT index marginally moved up 0.1% was the only laggard in opening trades.
Metal scrips like Hindalco, Jindal Steel, Tata Steel and Sterlite up 1% each were the top gainers among the Sensex stocks. HDFC Bank, Hindustan Unilever, Sun Pharma, Wipro, HDFC and BHEL which added 0.8-1% were the other notable gainers.
Among the losers were Bharti Airtel and Tata Motors down 1% each along with Bajaj Auto, ONGC losing 0.2-0.5%.
Among other stocks, Kesoram Industries was up 4% to Rs 144 after its board approved a proposal for the issue of equity shares on 'rights basis' for an amount not exceeding Rs 500 crore.
Everonn Education rallied up to 9% at Rs 184 in opening deals after the company has struck a deal to acquire Centum Learning Limited, a privately held company of the Bharti group, in a cash and stock transaction.
The market breadth was very positive. 1015 stocks advanced as against 514 declines on the BSE.