The Indian markets opened strong on the back of positive global cues. The BSE Sensex is currently at 17,763, up 474 points and the Nifty has advanced 141 points at 5,343. US stocks surged on Thursday as an agreement by European leaders to help contain the region's two-year debt crisis lifted a cloud hovering over markets.
After more than eight hours of talks, European heads of state, the International Monetary Fund and bankers sealed a deal that also foresees a recapitalization of hard-hit European lenders and a leveraging of the bloc's rescue fund to give it firepower of $1.4 trillion.
The Dow Jones industrial average was up 339.51 points, or 2.86 per cent, at 12,208.55. The Standard and Poor's 500 Index was up 42.59 points, or 3.43 per cent, at 1,284.59.
In Asia, Japan's benchmark Nikkei average opened up 1.48 per cent at 9,059.04 on Friday, while the broader Topix gained 1.48 per cent to 774.11. Back home, the Nifty, as expected, has given a positive breakout on the charts. It could be a matter of time before we see the index test the 5,400-level, analysts say. At 730 am Indian Standard Time, the SGX Nifty was trading at 5,433; up 98 points.
Back home,on the sectoral front, BSE Metal, IT, Auto and Bankex indices are leading the gains, up 3-5% each. Hindalco Industries, Jindal Steel & Power, Tata Steel and Sterlite Industries, up 6-8% each, are the major gainers from the Metals space.
TCS, Wipro, HCL Technologies and Infosys, up 3% each, are the major gainers among the IT stocks.
Among the Sensex 30 stocks, Hindalco Industries, Jindal Steel, Tata Steel, Tata Motors and Sterlite Industries, up 6-8% each, are the major gainers. There are no losers from the pack.
The overall market breadth is positive as 1,073 stocks have advanced against 301 declining ones.
