Markets open firm tracking positive global cues

The Indian markets have made a positive start today, which also is the last trading day for the calendar year 2011, tracking global cues. By 9:40, the Sensex was at 15,651 up 107 pts and the Nifty was at 4,680 up 34 pts.

US stocks rallied about a per cent on Thursday as data signaled positive trends for the economy, but gold prices fell for a fourth consecutive session as investors constrained by tight liquidity resulting from the euro-zone debt crisis were forced to sell.

The euro initially slid to a 15-month low against the U.S. dollar after a key Italian debt auction failed to ease concerns about the crisis. It erased losses later.

The Dow Jones industrial average closed higher 135.63 points, or 1.12 per cent, at 12,287.04. The Standard-and-Poor's 500 Index rose 13.38 points, or 1.07 per cent, to 1,263.02.

Major Asian markets like Shanghai, Nikkei and Hang Seng were up 0.4-1%..

Back home, technical analysts suggest that if the Nifty slips below 4,630 levels, it may then find support at 4,570 levels.

On the sectoral front, auto, banks, capital goods and consumer durable are leading the upbeat movement, all gaining by nearly 1% each.

ICICI Bank is the top Sensex gainer, up 2%. SBI has gained by 1%.

From the Auto space, Tata Motors, Maruti Suzuki, M&M and Hero MotoCorp have gained nearly 1% each.

Among capital goods pack, L&T and BHEL have increased by almost 1%.

The BSE mid-cap and small-cap indices are trading marginally higher, both gaining between 0.1-03%.

Among other shares, GTL Infra has rallied on reports of rejiging top management.

Godrej Properties has surged 2%. The company has raised Rs 45 crore by selling 49 per cent stake in its arm to private equity firm Sun Apollo.

Lupin has gained nearly 1%. The US health regulator has granted approval to Lupin to market generic Fenofibrate tablets, a cholesterol lowering drug, in the American market.