Mumbai: Markets have opened sharply higher following strong global cues as US Fed kept rate unchanged at 2% and crude slipped to 3-month low at USD 118 per barrel.
Buying is seen in infrastructure, auto, realty, bamking, technology and power stocks. Sensex is back above 15000 mark and Nifty above 4600.At 10:21 am, the Nifty was up 111 points at 4,614 and Sensex up 461 points at 15,422.
CNX Midcap went up 98 points at 5,959. Nifty August Futures is trading at 15 points premium.
Amongst frontliners, ICICI Bank, Grasim, HDFC Bank, Tata Motors, SBI, Tata Power, Maruti, Reliance Infra, NTPC, L&T, BHEL, JP Associates, Wipro, Reliance Ind, Infosys, Satyam and TCS have gained.Crude slipped by 19% from record highs to USD 118 a barrel on the NYMEX as there are concerns that there will be weak demand on economic slowdown in US and Europe.
OPEC is unlikely to cut production before September 9 meeting.Asian markets were trading higher. Shanghai, Nikkei, Straits Times, Kospi and Taiwan Weighted rose 1%-2.5%.US markets rallied smartly due to dip in oil prices and steady interest rates. The Dow gained 331.62 points, or 2.94%, to 11,615.77.
The Standard & Poor’s 500 index rose 35.87 points, or 2.87%, to 1,284.88, and the Nasdaq composite index added 64.27 points, or 2.81%, to 2,349.83.
Market cues:
- FIIs net sell $99.3 mn in equity
- MFs net sell Rs 304 cr in equity
- NSE F&O Open Int up by Rs 4,222 cr at Rs 64,879 crore
F&O cues:
- Futures Open Int up by Rs 2,214 crore and Options Open Int up by Rs 2,008 cr
- Nifty Futures add 5.5 lakh shares in Open Int, at 24-pt premium
- Nifty Open Int PCR at 1.35 Vs 1.28
- Nifty Puts add 28 lakh, Calls add 10 lakh shares in Open Int
- Nifty 4300 Put adds 6.5 lakh shares in Open Int
- Nifty 4400 Put adds 5.4 lakh shares in Open Int
- Nifty 4500 Put adds 3.9 lakh shares in Open Int
- Nifty 4800 Call adds 3.8 lakh shares in Open Int
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