Nifty Opens Above 8600; SBI, L&T Lead

Overnight, the Wall Street closed on a positive note on hopes that an agreement between European Union and Greek government on bailout could stabilise Europe.

 

The Dow Jones jumped 0.8 per cent or 139 points to end at 17,868, Nasdaq and S&P 500 also advanced over 1 per cent.

 

Meanwhile, barring Hang Seng all the Asian markets were trading higher in trades on Wednesday.

 

Back home, the broader markets were outperforming the benchmark indices in the opening trades. The BSE mid-cap and small-cap indices were up 0.8 per cent each.

 

Renewed buying interest was visible in the banking, capital goods and consumer durables stocks. 

 

Larsen & Toubro was the top gainer on the Nifty. The stock jumped nearly 2 per cent to Rs 1,609. ICICI Bank, Bank of Baroda, Asian Paints, Axis Bank, Punjab National Bank, Dr Reddy's Labs, Tata Power, Coal India and Power Grid were also trading higher by over 1 per cent each.

 

On the other hand, Cairn India, Sesa Sterlite, Cipla, ONGC, Infosys and Bharti Airtel were witnessing a mild selling pressure.

 

The market breadth was positive as 1078 stocks were advancing while 385 were declining on the BSE.

 

At 9:39 AM, the Sensex was up 137 points or 0.5 per cent at 28,492 and the broader Nifty jumped 0.5 per cent or 44 points to 8,609.