The markets have opened higher this morning after falling the most in five months on Monday spooked by crude oil prices, hovering around 10-month highs due to escalating tensions over Iran’s nuclear programme. The Sensex is up 197 points or 1% at 17,643. Nifty has gained 59 points to 5,340.
Overnight, the US markets ended flat with the Dow Jones Industrial Average and the S&P 500 indices closing 0.1 per cent higher.
Japan's Nikkei share average slipped 0.6 per cent to 9,573 levels on Tuesday after market participants booked profits, while the broader Topix index eased 0.8 per cent to 829 levels.
A pull back in the banking stocks have helped the markets this morning. Reliance Industries, Reliance ADAG, ICICI Bank and ONGC have advanced in opening trades.
BSE consumer durables index has gained 2% to 6,452. Realty, Bankex and power indices have move dup half a per cent each in morning deals.
Hindalco has gained 2.2% to Rs 143, followed by heavyweight - ICICI Bank. BHEL, Tata Motors, Tata Steel and Hero MotoCorp have advanced around 2% each. AMong other gainers are DLF, Reliance and SBI. However, TCS has slipped nearly a per cent this morning and is trading at Rs 1,241.
Among individual stocks, Jaiprakash Associates has jumped 2.5% to Rs 72 after the company informed that its shareholders and creditors have approved the hiving off of the cement business to a wholly-owned subsidiary.
Gitanjali Gems is close to acquiring a jewellery retail company in China and hopes to announce a deal in the next 2-3 months, reports suggest. The stock has soared 3% to Rs 409.
Hit by subdued demand and price of manganese ore, state-run MOIL’s turnover this fiscal is likely to fall nearly 20 per cent to 900 crore rupees. MOIL has advanced 1% in trades.
Strides Arcolab has reported 30-fold jump in consolidated net profit to 68.4 crore rupees for the fourth quarter ended December 2011. Shares of Strides has moved up 0.7% at Rs 538.
