The markets have opened on a positive note. On a thirty month high, the Nifty has finally touched the 5,500 mark after hovering around for nearly two weeks. It had previously touched this level on February 5, 2005.The Sensex is at 18,343 up 85 points. The smallcap index and the midcap index up 0.4% each continue to outperform the benchmark index which is up 0.2%
In contrast is the US markets which ended on a flat note as worries over the strength of the recovery gave investors little reason to get into the market. The Dow dipped 9 points, or 0.09% to 10,397. The Nasdaq added 7 points, or 0.3% to 2,216. However, the Asian markets have opened in the green. Hang Seng is trading flat at 21,034 and the Nikkei is up 1% at 9,335.
Among the Sectoral Indices, Metal and Oil & Gas indices are up 0.5% each followed by Capital Goods and FMCG. However, Teck, IT and Realty are in the red in the opening trade.
The gainers on the Sensex in the opening trades are HDFC and Wipro up 1% each followed by TCS. L&T and Jaiprakash Associates.
On the other hand the losers are Tata Motors down 1% followed by SBI, Infosys and Relaince Communications.
The market breadth is extremely positive with 1114 stock advances and 319 declines.