Sensex opens 500 pts higher, Nifty above15,300; HDFC Bank, ONGC, L&T top gainers

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The Indian stock markets opened higher on Frday, tracking positive cues from global peers and Nifty futures on the Singapore Exchange. The BSE Sensex opened 492 points or 0.96 per cent higher at 51,772.46 and the NSE Nifty belled 146 points or 0.96 per cent higher at 15321. In line with the benchmark indices, the BSE Midcap and Smallcap indices also opened higher by 0.6 per and 0.78 per cent, respectively. Axis Bank, HDFC Bank, ONGC, IndusInd Bank and Titan Company were among top gainers on BSE. On the sectoral front, all the indices belled the day in positive terrain, led by metal and oil&gas stocks over 1 per cent each.

On the global front, Asian markets were trading firmly, tracking positive closing at Wall Street which rallied in overnight trade as the US stimulus bill propelled stocks higher. US stocks ended higher for the third straight session on Thurs day as falling US bond yields eased investors concerns about spiking inflation.

“Though we had opened the week on a tentative note, we were clear not to entertain the possibilities of a crash. On Tuesday, we had a much better clarity on the direction, and brought 15900 in our radar. By Wednesday we were clear of a new peak soon, but were watchful of a few episodes of confidence crises once near/inside the 15250-431 region, which is where we are likely to be in, today. A breakout beyond this congestion region of 15250-431 is to be expected, but it is uncertain how far the bulls would be keen to chase on a Friday. Towards this end, we would go in with a limited upside objective of 15550 today, a very conservative one for a new-peak-move, and would be watchful of loss in momentum.”