Building on yesterday's pullback, the markets have opened in the green with the Sensex adding 86 points at 19,631 and the Nifty up 20 points to start around 5,888.The gains in the opening trades were due to the renewed buying interest seen in the Oil & gas and Power indices.
The broader markets have opened in line with the BSE benchmark index up 0.3% each. The laggards in the opening trades are the IT index which is flat followed by Health care up 0.2%. Meanwhile, the top gainers in the opening trades are the Capital Goods and Oil & Gas indices up 0.7% each.
In the pre market hours today, India’s third-largest IT services company Wipro declared its Q4 results. The consolidated net profit registered a year-on-year (y-o-y) growth of 14% for the fourth quarter ended on March 31, 2011, powered by the demand from outsourcing services from the clients.Going forward for the quarter ending June 30, 2011, the company expects revenues from IT Services business to be in the range of $1,394 million to $1,422 million. According to analysts the guidance for the first quarter of FY12 of Wipro is disappointing and they also believe that it might impact the share prices of the company for a short term.
Among the Sensex stocks, the top gainers are Maruti Suzuki and ONGC up 1% each followed by Mahindra & Mahindra, DLF, Hero Honda, Hindustan Unilever and Hindalco gaining between 0.5-0.8%
The top losers are Wipro down 2% on the back of muted forecast followed by Jindal Steel, Bajaj Auto and market heavyweight Reliance Industries shedding 0.3-0.7%
The market breadth is very positive. Of the total 1636 sticks traded on the BSE, 1077 stocks have advanced while 498 have declined.