Markets gain in morning trade, Sensex up 77 pts

The markets has opened in the green irrespective of weak global cues. The Sensex has gained 77 points at 17,274. Nifty is up 22 points at 5,250.

Cyclical sectors led US stocks lower on Thursday. The Dow Jones industrial average fell 0.6 per cent to 13,046 at close. The S&P 500 Index skidded 0.7 per cent to 1,392.78.

Asian shares fell on Friday and the safe-haven yen gained after data showing shrinking factory activity in China and the euro zone heightened concerns about a slowdown in the global economy. Tokyo's Nikkei share average fell 1.1 per cent and MSCI's broadest index of Asia Pacific shares outside Japan lost 0.2 per cent.

BSE realty index has gained 1.6% this morning to 1,792. Bankex, capital goods and consumer durables indices have added over 1% each.

Maruti Suzuki has dipped 1.5% to Rs 1,310. Bajaj Auto and Hero MotoCorp have shed 1% each. Gail India and Bharti Airtel are also in red.

Meanwhile, Tata Motors has gained 1.7% at Rs 275. Larsen & Toubro, SBI, DLF and BHEL have advanced around 1.5% each. Among other gainers are ITC, HDFC Bank, Jindal Steel and Sterlite.

Among individual stocks, Tilaknagar Industries said that it has acquired Studd Projects and Mykingdom Ventures for an undisclosed amount. Shares of Tilaknagar has added 2% to Rs 59.

Airline stocks will also be in focus today on reports that the government has lifted the freeze on private carriers flying abroad. Jet Airways has moved up 3.2% at Rs 340. Spice Jet is up 3.4% at Rs 22.35.

Vedanta Group has offered Rs 17,000 crore to buy the government’s remaining stakes in Hindustan Zinc Ltd and Balco, reports suggest. Hindustan Zinc has surged 1.3% at Rs 130.

Dhanlaxmi Bank may sell its 15 per cent holding in Destimoney Securities after the RBI raised objection to the old-generation private sector bank being categorised as the dominant promoter group. The stock has gained 0.7% at Rs 69 this morning.

BSE market breadth is positive. Out of 1,412 shares traded, 956 shares have advanced while 385 shares have declined.