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Markets have opened the session on a firm note tracking strength in the global peers on the back of mixed US macroeconomic data leaving the investors uncertain regarding the health of the economy which is a promising indicator for the Fed rate hike.
Meanwhile, a further decline in crude prices heading towards six-year low on slowdown of growth in the Japanese economy, the world's third-biggest oil consumer has lifted the sentiments.
At 9:25 AM, the Sensex is 96 points higher at 27,974 and the Nifty is up 27 points at 8,504.
Cairn India, Vedanta, Tata Steel, Hindalco, Infosys and L&T are up over 1%.
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(updated at 8:40 AM)Markets are likely to open marginally higher with state-owned banks extending gains after the government's revival plan including a huge capital infusion. However, upside gains may be capped on profit taking at higher levels while the weakening rupee is likely to dampen sentiment.
At 8:40AM, the early indicator SGX Nifty was up 18 points at 8,501.
Bank of Baroda which surged in the previous sesssion may firm up but profit taking at higher levels is likely to cap upside gains.
Jet Airways may be in focus on reports that the airline is evaluating the option of extending the lease of its seven planes with its equity-partner Etihad Airways.
Reliance Communications may firm up after the company said it had received non-binding bids from a number of interested buyers for the sale of a majority stake in Reliance Infratel, its tower unit.
Tata Power may edge higher after its total consumer base rose to two million consumers in FY15 comprising 6,18,000 consumers in Mumbai and over 1.44 million in Delhi.
Birla Corporation may see some profit taking. The company had agreed to acquire two units of Lafarge India for an enterprise value of Rs 5,000 crore.
Adani Ports and Special Economic Zone may see some action after it entered into an agreement with the Kerala government for building Rs 7,525 crore Vizhinjam seaport project.
Eicher Motors said its two-wheeler arm Royal Enfield has announced direct distribution subsidiary in North America.
Mahindra & Mahindra is likely to be in focus after the company said it has received shareholder approval to raise up to Rs 5,000 crore through issue of secured/unsecured redeemable NCDs on a private placement basis in the domestic/international markets.
GLOBAL MARKETS
Asian stocks were trading mixed with shares in Japan and China witnessing profit taking at higher levels while Hang Seng and Straits Times were trading 0.3% higher. The Nikkei was trading flat with negative bias while Shanghai Composite was down 0.6%.
Major US stock indices ended higher on Monday amid encouraging housing data and rally in media stocks led by Disney shares. Demand was seen for housing shares after data inidicated that U.S. homebuilder sentiment edged up in August to its highest level in a decade. Disney shares firmed up on expansion plans. The Dow Jones gained 0.4%, S&P 500 rose 0.5% and the Nasdaq ended up 0.9%.
