The Indian markets opened in the positive with the Sensex up around 88 points at 19653 and the Nifty up 17 points at 5940.
Kingfisher shares fell to the maximum daily limit of 5 percent after lenders said they would initiate recovery proceedings against the defaulting carrier. Shares were down 5 percent at Rs 10.55 .
Unitech and DB Realty have made a swift recovery. While Unitech is up 4.5 percent, DB Realty is up 3.3 percent. The two stocks were hammered yesterday due to the 2G tape controversy where in the CBI’s prosecutor is allegedly heard advising Unitech’s Chandra on how to strengthen his defence in the 2G case.
Shares in Tata Motors rose 3.5 percent in early trade after its unit Jaguar Land Rover (JLR) said it sold 34,877 vehicles during the first month of 2013, an increase of 32 percent versus the same period last year. Nomura said in a report on Monday that there is a likelihood that actual volumes of JLR may come in above its estimates or 35,000 units.
Globally, President Barack Obama focused on the economy and called on the nation to “reignite the true engine of America’s economic growth” as he opened the first State of the Union address of his second term.
Asian markets are mixed. Japanese shares fell as the yen saw some appreciation. US stocks closed mixed too with the Dow Jones and S&P marginally higher. The Nasdaq fell 0.2%. The US Treasury Department posted a budget surplus of almost $2.9 billion for January though expectations were of a deficit.