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Ray of sunshine: Global cues lift Indian markets

By Firstbiz Staff

The Indian markets today opened on a slightly positive note with the Sensex at17724.68, gaining about quarter of a percent and the Nifty at 5378.25, with 0.29 percent gain on global cues which uplifted market sentiment ahead of the weekend.

The Rupee is down at 55.70 against the dollar extending its two-week low losses.

The Asian shares firmed on Friday as German Chancellor Angela Merkel voiced support for the European Central Bank's efforts to contain the debt crisis in the eurozone, soothing investor nerves and prompting them to shift money to riskier assets.

Reuters

Domestically, the economic advisory council will announce the economic outlook for the year today. Market regulator Sebi cleared most items on the agenda, incentives for MFs and fungibility in total expense ratio. It also cleared norms for e-IPO's and gave an incentive of 30 basis points for outside top 15 cities. It however deferred the decision on safety net for retail investor.

The Auto stocks opened with a 54 points gain with Tata Motors giving it a major push with a 2 percent gain. The oil and gas stocks also show some marginal uptick.

Stocks in news

Tata Motors - The July auto sales of Tata Motors which rose 21 percent at 101,605 units, has given the stock a 2 percent gain in the morning trade.

ITC -- After crashing 3 percent, the stock has corrected itself and is up 1 percent. Technical Analyst Sudharshan Sukhani thinks that it is a buying candidate at the appropriate opporunity.

Maruti Suzuki is up over 1 percent after the company announced plans of opening the Manesar plant on 21 August after the plant was shutdown after the riots on 18 July.

United Breweries is up 5 percent and technical analyst Sudharshan Sukhani told CNBC-TV18 that the stock is now giving the impression at least of a significant upmove that is imminent.

by Firstbiz Staff

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