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The markets have opened higher this morning on the back of stability across the global bourses. Broad based buying is evident in today;s trade led by banks.
At 9.40 AM, the Sensex is up 250 points at 27,159 and the Nifty has climbed 80 points to trade at 8,182. The midcap index is up 1.1% and the smallcap index has gained 1%.The midcap index is up 1.1% and the smallcap index has gained 1%
Meanwhile, foreign institutional investors were net sellers in Indian equities worth Rs 1,073.18 crore on Wednesday, as per provisional stock exchange data.
Asian markets are trading higher buoyed by the upbeat US jobs data and the release of the minutes of Us Federal Reserve's meetings which suggested that the proposed hike in key interest rates may not happen in near future. Expectations of bolder stimulus measures from the European Central Bank also boosted sentiments. Japanese Nikkei has gained close to 2% while the Hang Seng index is trading higher by 0.4%.
Wall Street rebounded on Wednesday from five straight sessions of losses after strong U.S. private sector jobs data underscored strength in the world's largest economy and fanned hopes for a strong reading of the all-important non-farm payrolls due on Friday. The Dow Jones Industrial average rose 1.23%, the S&P 500 1.16% and the Nasdaq Composite added 1.26%. Minutes of the December meeting of Federal Reserve gave only few indications about the timing of the proposed hike in key interest rates, though it may not happen in near future.
Sectors & Stocks:
On the sectoral front, all 12 sectoral indices are trading in the positive territory with BSE Realty, Power, Metal, Consumer Durables, Capital Goods indices and Bankex trading higher by over 1%.
Shares of Hero Motocorp are trading lower by 0.5% as the strike by transporters in Haryana hit half of the company's despataches from Gurgaon and Dharuhera plants. It is the only stock trading in the negative terrain.
On the flip side, Coal India emerged as the top gainer up 2.6% after Coal India workers called off their strike late Wednesday night. Hindalco, Sesa Sterlite and Tata Steel are trading higher by over 1% each.
The technology pack is trading firm with Infosys up 1% ahead of the Quarterly results due tomorrow. Wipro has gained 1.5% won a $400 million, multi-year IT infrastructure management contract from Swiss engineering giant ABB, making it the largest deal for the technology company since the $1.2-billion contract it received from Canadian utility ATCO last July. TCS is up 0.9%.
Financials are trading strong across the exchange. SBI, ICICI Bank, Axis Bank, HDFC twins are up between 0.5-1.5%.
HDFC BankBSE 0.63 % has appointed Bank of America-Merrill Lynch as the lead banker for its sale of shares to raise as much as Rs 10,000 crore from domestic and foreign investors, according to media reports.
Cigarette maker has bounced back from yesterday’s low and is up nearly 1%. On the other side, HUL extends its rally and is up 0.5%.
Tata Motors, GAIL, BHEL and Tata Power are some of the notable gainers and are up between 1.2-2%.
