Shares open up; metals, banks rise; rupee up

The Indian markets today opened in the green with the Sensex opening 0.47 percent higher at17930.49 and Nifty at 5437.30 which is also 0.47 percent higher, in sync with the global markets sparked by the stimulus hope optimism.

Asian shares rose and the euro hit a seven-week high on Thursday as the Federal Reserve’s minutes raised the prospect for more stimulus while uncertainty continued over progress in Europe’s debt crisis including the European Central Bank’s bold action.

The rupee is up 55.26 against the dollar.

[caption id=“attachment_427123” align=“alignleft” width=“380”]  Metal stocks such as Sterlite, Sesa Goa and Cairn India moved up on hopes of a demand pick-up taking cues from the US Fed minutes. Reuters[/caption]

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Metal stocks such as Sterlite, Sesa Goa and Cairn India moved up on hopes of a demand pick-up taking cues from the US Fed minutes. The Bank Index also held up with ICICI Bank, SBI and PNB all edging higher by a percent.

The Midcap Index started the day with a lot of action with stocks such as Everonn Education rising over 6 percent after it announced acquisition of Centum Learning. United Spirits showed a slight uptick on hopes of some indication on stake purchase by rival Diageo.

Stocks in News

Hindustan Zinc is up close to 3 percent on media reports that Vedanta may shell out up to 25 percent more than planned earlier, for buying the government’s balance stake in the company.

Glenmark is up 2.6 percent after International Centre for Dispute Resolution (ICDR) ruled in favour of Glenmark Pharma in Napo arbitration.

Adani Po****rts opened with a percent loss on a report its Gujarat SEZ came under government scanner.

Pantaloon Retail extended losses to open 2 percent lower.