Nifty opens at 6300; banks gain, Bhel biggest loser

The market has opened the January series on positive note. The BSE Sensex opened at 21136, up 0.29 percent; Nifty opens at 6300, up 0.34 percent.

BSE consumer durables index up 0.7 percent, starts the session as the top sectoral gainer.

ICICI Bank is nearly 1 percent, Sesa Sterlite and Infosys up 0.9 percent - these are the top Sensex gainers.

The top Sensex losers include BHEL which is down 1.2 percent, and GAIL which is down 0.6 percent.

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The Indian rupee gained in the early trade. It opened higher by 19 paise at 61.96 per dollar versus 62.15 Thursday. The yen wallowed at five-year troughs against the dollar and euro this morning having fallen prey to a renewed appetite for risk. The dollar index is a tad subdued below 80.5 levels and the euro dollar has risen to 1.37.

Pramit Brahmbhatt, Alpari India said, “Rupee is going to be range bound today with a slight negative bias owing to a choppy equity market and strong dollar on hopes of better economic data in the international market.” “However dollar selling by exporters and FII inflow will provide some positive push. The range for the day seen between 61.40-62.20/USD,” he added.

Technical analystsSudarshan Sukhani tells CNBC-TV18 that theNifty is in a narrow range after big up move and this suggest upside breakout may be coming. “Consolidation after uptrend usually leads to a continuation of the trend. We assume this will be valid for the Nifty. We have three days of narrow ranges. After this period of contraction, we expect an expansion,” Sukhani said.

The US market on Thursday closed at a record high with all major indices closing above their previous highs including S&P 500 that closed at record high for the fifth consecutive session on the back of strong unemployment report boosting market sentiment.

According to the US Labor Department, for the first time the unemployment claims fell to 338,000. Following the suit, the European markets also ended on a positive note, rising for the fifth straight session. Asian markets opened positive in the morning, with Japan at a 6-year high tracking the Wall Street rally.

Stocks in news:

Jindal Steel and Power is up 0.76 percent, Tata Steel is up 0.65 percent. Power and steel stocks are cheering the environment minsitry’s decision to do away with state less impact assessment requirements for small power units and mining of minor minerals.

Financial Technologies is up 0.20 percent. Jignesh Shah has challenged the FMC order before Bombay HC.

Reliance Power is up 1. 48 percent. The stock will be closely watched out as CBI is likely to close prelim enquiry in ADAG Sasan Project.