Sensex opens in green with slight gains; Jet Airways up 4% on deal hopes

The Indian equity markets opened sluggishly following suit with the global markets.

Sensex opened 18772.72, up 0.22 percent and the Nifty opened at 5701.90, up 0.23 percent.

Globally, Asian shares inched lower on Thursday, taking their cues from an overnight drop in US and European equities on renewed concerns about global growth, which also weighed on commodities.

Additionally, Finance Minister P Chidambaram said on Wednesday he expected India’s current account deficit for the 2012/13 fiscal year that ended in March to be around 5 percent of gross domestic product and perhaps half that amount in one to two years.

Experts also separately conceded that India’s current account deficit could ease to around 3 percent in the current fiscal year from prior estimates of about 4 percent due to sharp drop in global commodity prices, two analysts said on Wednesday. “The immediate and most visible impact would be on the current account balance, which could improve by nearly 1 percent of GDP in FY13-14, on our estimates,” Barclays said in a research note.

Stocks in news

TCS opened down 0.83 percent despite strong numbers on US H1B visa issue.

Sterlite Industries opened up 0.17 percent ahead of the Supreme Court verdict today on whether metals major Vedanta Aluminium should be allowed to mine bauxite in the Niyamgiri Hills in Kalahandi district of Odisha or not.

Jet Airways opened up 4 percent after reports that the Etihad deal will be finalised this month.

Manappuram Gold Finance opened up 4 percent on value buying.