Nifty rebounds after 3-day fall, Jet gains ahead of FIPB meet

The Indian markets rebounded today opening in the green on domestic cues.

The BSE Sensex opened at 18987.60, up0.85 percent while the Nifty opened at5751.70, up 0.92 percent.

Globally, Asian shares recovered from multi-month lows on Friday, as a rebound in US equities on the back of upbeat economic data calmed nerves after a bruising selloff in global markets, but investors remained cautious ahead of next week’s Federal Reserve policy meeting.

[caption id=“attachment_870663” align=“alignright” width=“380”]  Reuters[/caption]

Market may also cheer the fact that ample annual monsoon rains have covered half of India two days ahead of the usual date and more hefty downpours are expected next week. Northern India was cloudy and drenched by showers in many places today as south-west monsoon arrived in Rajasthan five days before it was due, bringing about a sharp decline in temperatures.

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India’s wholesale price index numbers (WPI) for the month of May will be announced today. The WPI is likely to be around 4.8 percent, according to a CNBC-TV18 poll. This data (expectation) is very close to April’s WPI, recorded at 4.89.

The rupee also opened stronger at 57.75 against the US dollar.

Stocks in news:

MMTC opened 9.98 percent down.India kicked off its plan to raise Rs 40,000 ($6.92 billion) through asset sales this fiscal year with the sale of a stake in trading firm, whose discounted share offering was oversubscribed on Thursday.

Oil India opened up 3.45 percent,after global rating agency Fitch revised its outlook on Issuer Default Ratings of seven state-owned firms, to stable from negative.

Jet Airways opened up 4.55 percent after Jet appointedGary Kenneth Toomey as its new CEO. TheFIPB is likely to meet today to consider Jet Etihad deal.

Infosyswas slightly up at 0. 29 percent after the company announced salary increments for FY14

Real estate stocks and Bank stocks were also up in the morning trade today. DLF opened up 2.63 percent.