Markets open on a cautious note

Tata Motors trading higher by 2% ahead of Q4FY12 results

Markets have opened higher in trades on Tuesday tracking firm Asian cues. The S&P CNX Nifty has opened higher by 18 points at 5,003 and the 30-share Sensex is up 58 points at 16,475 levels

Meanwhile, the Indian rupee has opened marginally weaker at 55.42 against the US dollar.

Meanwhile, most of the Asian markets are trading on a firm note. The Hang Seng is up 51 points at 18,852, Shanghai has advanced 20 points to 2,381. However, the Nikkei was down 30 points at 8,562 levels.

The US markets were closed last night on account of memorial day holiday.

Back home, the Nifty may face resistance around 5,010–5,025, while it can seek support around 4,960–4,945 levels, analysts say.

Tata Motors is the top gainers among the Sensex stocks. It is trading higher by 2% at Rs 282 ahead of its Q4FY12 results which are to be announced later in the day today. Coal India is also trading higher by 1.4% at Rs 319 despite reporting a 4.9% dip in consolidated net profit at Rs 4,013 crore for the fourth quarter ended March 31, due to higher staff expenses.

BHEL, Tata Power, Sun Pharma, State Bank of India, Gail India, DLF, L&T  and Jindal Steel have also opened higher in trades today. On the other hand, Hindalso, Reliance Industries, Bajaj Auto, HDFC, HUL and TCS are among the notable losers.

Aurobindo Pharma, HPCL, Nagarjuna Construction, ONGC, Power Grid and SAIL will remain in limelight as they will announce their respective March quarter results today.

Most of the sectoral indices have opened higher. The BSE auto index is the top sectoral gainer, up nearly 1% or 72 points at 9,472. Capital Goods, healthcare, metal, PSU, bankex, power and oil & gas indices are also trading higher. Meanwhile, consumer durables index is the only loser on the sectoral front.

The broader markets are trading have opened with a flat bias. The BSE mid-cap index is up 11 points at 5,983 and the small-cap index is up 20 points at 6,393.

The overall breadth is positive as 836 stocks are advancing while 455 are declining.