Technology shares lift markets higher; Nifty reclaims 8,500

A further decline in crude prices on slowdown of growth in the Japanese economy has boosted the sentiments

Markets have opened the session on a firm note, tracking gains in their global peers, with information technology stocks leading the gains on the back of a weak rupee.

Meanwhile, a further decline in crude prices heading towards six-year low on slowdown of growth in the Japanese economy, the world's third-biggest oil consumer has lifted the sentiments.

At 9:40 AM, the Sensex is 133 points higher at 28,011 and the Nifty is up 36 points at 8,514. The market breadth is positive with 1,228 advances versus 434 declines. In the broader market, BSE Midcap and Smallcap indices are gaining 0.6% and 0.8% each.

Today, money markets are closed on account of Parsi New year.

STOCK TRENDS

On the sectoral front, all sectoral indices barring Bankex are trading in the positive territory with BSE IT index up 1.4% followed by Consumer Durables, Auto, Metal, Oil & Gas indices trading higher between 0.5-1%.

Bharti Airtel has gained over 1! After reports suggest that the import of 4G enabled data card recorded a substantial growth of 179% during first three months of 2015. The company witnessed strong demand for fourth generation (4G) internet devices such as dongles and Wi-Fi hotspot after its announcements earlier this month of offering high-speed internet service at 3G rates.

Drug maker, Cipla has emerged as the sole Indian contender for Kremers Urban Pharmaceuticals Inc, the specialty generics drug business of the $4 billion Belgian drug maker UCB. The stock is up 0.6%.

M&M has received shareholders' approval to raise up to Rs 5,000 crore through issuance of securities on private placement basis in domestic and/or international markets. The stock is trading flat with positive bias.

Metal stocks have staged recovery in today’s trade after a sharp decline in the past sessions on the back of weak Yuan amid Chinese slowdown. Tata Steel, Vedanta and Hindalco are trading higher between 1-2%.

SBI has slipped in red in today’s trade on account of profit booking after its recent run-up on the government's revival plan including a huge capital infusion

Reliance Communications is trading with marginal gains after the company said it had received non-binding bids from a number of interested buyers for the sale of a majority stake in Reliance Infratel, its tower unit.

Adani Ports and Special Economic Zone has surged 4% action after it entered into an agreement with the Kerala government for building Rs 7,525 crore Vizhinjam seaport project.

The technology shares are displaying a spectacular rally on the back of depreciating rupee after it  slipped to a fresh two-year low of 65.34 against the US dollar in intraday trade on Monday. However, the money markets are closed on account of Parsi New year.