Sensex up 124 points as stocks open higher on global cues

Last Updated: Thu, Feb 28, 2013 04:12 hrs
Commuters walk past the BSE building in Mumbai

Buoyed by a strong close on Wall Street overnight and the resultant surge in Asian markets this morning, stocks opened on a bright note on the Indian bourses today. Expectations that the finance minister will spell out some austerity measures to revive growth while unveiling the Union Budget today, too appear to be contributing to the smart upmove.

The BSE benchmark Sensex, which rose to 19,322.28 in opening trades, is now up 123.59 points or 0.65% at 19,276. The Nifty index of the National Stock Exchange is up 41 points or nearly 0.7% at 5837.90, off an early high of 5849.90.

Capital goods, PSU, realty and oil stocks are among the most prominent gainers in opening trades. Several stocks from automobile, metal, power and banking sectors too are trading firm. Select information technology and healthcare stocks have moved higher, while FMCG and consumer durables stocks are relatively subdued.

ONGC has notched up a gain of 2.3%. Coal India is trading higher by a little over 2%. Larsen & Toubro is up 1.8%. NTPC, Tata Motors, Wipro, BHEL, Hindalco, Reliance Industries, Mahindra & Mahindra, Hero Motocorp, Bajaj Auto, State Bank of India, ICICI Bank, Tata Steel, Cipla, Infosys and Tata Consultancy Services are also trading notably higher.

Jaiprakash Associates, Sesa Goa, Punjab National Bank, HCL Technologies, Asian Paints, Reliance Infrastructure, DLF, Ranbaxy Laboratories and IDFC are all trading firm.

Jet Airways has jumped nearly 8% on strong volumes, amid reports the Jet Airways- Etihad deal is likely to be completed soon. On the National Stock Exchange, over 1.4 million shares have been traded so far at the Jet Airways counter this morning.

Suzlon Energy (up 2.2%) and Colgate Palmolive (1%) have also rallied smartly on impressive volumes.

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