Markets open higher on Asian cues

The markets have opened higher this morning on the back of renewed buying interest from foreign institutional investors and encouraging US jobs data. The Sensex opened at 17,742. The index is now up 155 points at 17,757. Nifty is up 45 points at 5,370.

Riding high on frantic buying by foreign funds, the benchmark Sensex posted gains for the fifth consecutive week and settled almost 371 points higher at 17,604 on Friday.

Asian shares rose on Monday as surprisingly robust US jobs data bolstered investor risk appetite. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 per cent, while the Japan's Nikkei average moved up 1.3% to 8,945.

All the sectoral indices are in green this morning with realty, metal and banking shares leading the rally. The BSE realty index has gained 2.2% to 1,824. The metal index has moved up 1.8% while bankex has added 1.3%.

SBI is the top contributor to the Sensex's upmove, and along with ICICI Bank and HDFC Bank, accounts for a 43 points rally in the Sensex. SBI is up 2.5% at Rs 2,157. Hindalco has added 2.5% followed by DLF, Maruti Suzuki and Cipla. Other metal stocks - Sterlite, Tata Steel and Jindal Steel have advanced 1.5% each. Hindustan Unilever has added 0.4% to Rs 402 ahead of its results today.

Among individual stocks, Piramal Healthcare has surged 2.7% at Rs 450 on reports that the company has bought an additional 5.5% stake in Vodafone.

Dr Reddy’s Laboratories is flat at Rs 1,673. The company reported an 88% jump in net profit for the quarter ended December 2011.

Srei Infrastructure Finance has reacted to a 52% decline in net profit to 19.40 crore for the quarter ended December 2011. The stock is up 1.7% at Rs 32.75.

The board of directors of Kale Consultants have approved a share buy-back at a price not exceeding 160 per equity share. The stock is up 1.5% at Rs 140.

Adani Power, GSK Consumer Healthcare, Hindustan Unilever, National Aluminium, Hindustan Construction and SpiceJet will announce their respective December quarter results today.