Sensex opens 100 pts up, all eyes on L&T earnings

The Indian markets opened in the green today following strong global cues.

The BSE Sensex opened at 20534.03, up 118.52 points or 0.58 percent while the Nifty opened at 6080.25, up 34.40 points or 0.57 percent.

Globally, the US markets saw a good recovery with the S&P 500 logging a fresh 13-year high. The Dow pulled off a stunning comeback, erasing a triple digit loss to finish near the flat line.

[caption id=“attachment_1139157” align=“alignright” width=“380”]  More fall in the markets? Reuters[/caption]

Asian markets widened their gains on the back of positive economic data from China. The country’s Q3 GDP was up 7.8 percent YoY and up 2.2 percent QoQ. Hong Kong’s Hang Seng rose 0.77 percent, while Japan’s Nikkei was flat at 14,595. Singapore’s Strait Times added 0.31 percent.

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Meanwhile, the Indian rupee opened on flat note at 61.19 per dollar against 61.23 Thursday. Pramit Brahmbhatt, CEO, Alpari India told CNBC-TV18, “Rupee should strengthen further tracking strong Asian peers and weak dollar in the overseas market.” “However, a weak stock market and dollar demand by importers at these levels might add pressure. A breach of 61/USD will push rupee towards 60/USD levels. The range for the day is seen between 60.85-62/USD,” he added.

Multi Commodity Exchange of India is the biggest gainer in the BSE Sensex, gaining almost 5 percent. The Forward Markets Commission has appointed four independent directors on the MCX board. G. Anantharaman, former member of the Securities and Exchange Board of India will soon join the MCX board along with Pravir Vohra, former chief technology officer of ICICI Bank.

Stocks in news:

L&T is up 0.45 percent. The company will announce its earnings today. The margins are expected to be under pressure due to pricing pressures. The stock lost nearly four percent ahead of the result day.

HCL Technologies is down 0.73 percent. Though the company reported a increase in its net profit, analysts say that its lop-sided growth has been a cause of worry.

Oil marketing companies (OMCs) have decided to hold back a petrol price cut of one rupee ahead of elections. They feel that a cushion is needed as a revision will not be possible around elections.