Sensex Edges Higher, Nifty Above 8,100

BSE Sensex and Nifty moved higher today on gains in IT bluechips like Infosys and TCS. A flurry of data released yesterday indicated the US economy was steadily improving.

Despite European Central Bank yesterday stunning markets by cutting interest rates and embarking on a trillion-euro asset-buying binge, global markets are muted today on jitters ahead of the U.S. payrolls report due later today.

MSCI's broadest index of Asia-Pacific shares outside Japan eased back 0.6 per cent having already reached its loftiest level since early 2008.

UR Bhat, MD of Dalton Capital, said that quantitative easing in the US accounts for a significant portion of the inflows into India and strong US data economic suggests that it could be wound up soon. But the proposed quantitative easing in Europe could help fund flows continue into India.

The key thing however for global markets is to watch the US hikes interest rates, he added.

The gains in the broader markets were stronger than frontline stocks. BSE midcap and smallcap indices were up nearly 1 per cent.

Among IT stocks, Tech Mahindra, TCS and Infosys were up between 1 per cent and 1.5 per cent. Other major Nifty gainers included NMDC, up 2.3 per cent, and IDFC, which rose 1.5 per cent.

Among some Nifty losers, United Spirits fell 2.3 per cent while HDFC slipped 1.5 per cent.

At 10:02 a.m., Sensex was up 54 points to 27,140 while Nifty rose 17 points to 8,112. (With Agency Inputs)