The markets have opened in the green, taking cues from their Asian counterparts. The Sensex is quoting at 16995, higher by 226 points and the Nifty is at 5089, up 71 points in opening trades. The midcap index is up 1.6% at 6949 and the small-cap space is up 1.9% at 8874.
The Asian markets rose for the first time in a week on news that European officials are working on a 600-billion-euro ($805 billion) plan to halt the spread of Greece's fiscal woes across Europe. Hang Seng added 227 points or 1.1% and the Nikkei was up 134 points or 1.3%. And the US stock index futures surged on Sunday, pointing to the possibility of a strong rebound on Wall Street later in the day.
The bourses had corrected nearly 5% last week amid the debt crises of Greece and the potential debt issue of other European countries that could have renewed credit crises across the globe.
The leading gainers on the Sensex are Tata Steel (strengthened by 2.8% at Rs 574), Tata Motors (appreciated by 2.7% at Rs 783) and DLF (gained 2.4% at Rs 292). And RIL, which had gained around 2% post the SC verdict in the gas dispute case on Friday, has added another 2% at Rs 1056. On the other hand, Cipla has weakened by 4.7% a Rs 325 to emerge as the top loser among the Sensex scrips.
And in the ADAG pack, Reliance Infra is up 2.1% at Rs 1000, while RNRL has lost another 6% and is now trading at Rs 49, Reliance Communication has shed 0.4% at Rs 152 and Reliance Power has edged lower by Rs 0.6% at Rs 139.
The market breadth is positive. Out of 1650 stocks traded on the BSE, there are 1415 advancing stocks as against 198 declines.
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