Markets open firm, OMCs gain

Auto shares show weakness

In trade today, the markets have reacted to mixed global cues amidst a weakening rupee, and the oil marketing companies’ move to hike petrol prices late Wednesday evening. The Sensex has opened in the green at 15,985 - up 37 points. Nifty has given up some of its gains and is now up 10 points at 4,845.

Wall Street stocks staged a late recovery and the euro flirted with a near two-year low on Wednesday, as investors remained on edge about Greece's possible exit from the euro-zone.

The Dow Jones industrial average ended down 0.05%, while the Standard & Poor's 500 Index moved up 0.2%.

Asian shares were steady but remained vulnerable on Thursday amid signs European leaders were unable to deliver meaningful measures to resolve the region's deepening debt crisis. MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.2%, while Japan's Nikkei stock average rose 0.4%.

Sectoral indices are trading on a mixed note. BSE oil & gas index is the top gainer - up 1.4% at 7,541. PSU, capital goods, consumer durables and metal shares are also in green. Meanwhile, BSE auto index has dropped 0.6% to 9,084 after the hike in petrol prices. IT index is also down 0.6% at 5,447 on the depreciating rupee.

Among individual stocks, government-owned oil marketers raised the price of petrol by a record Rs 6.28 a litre. HPCL, BPCL and IOC have added 2.3% each in early trades.

ONGC has gained 3% at Rs 250. HDFC, GAIL, Sterlite and Cipla have added 1-2% each. However, Maruti Suzuki has slipped 1.7% to Rs 1,131. Bajaj Auto, SBI, Hero MotoCorp and Infosys are down around 1% each.

Tech Mahindra has reported a three-fold increase in net profit at Rs 302.5 crore for the fourth quarter ended March 2012. Shares of Tech Mahindra has soared 4.3% to Rs 638.

On the other hand, Canara Bank has posted 17% dip in its consolidated net profit at Rs 3,341.69 crore for 2011-12. The stock has slipped 1.5% at Rs 379.

BSE market breadth is positive. Out of 1,249 shares traded, 663 shares have advanced while 524 shares have declined.