Markets trading on a positive note

As mentioned in our morning update markets have opened strong in line with the global cues. The BSE Sensex opened higher by 617 points at 17906 and Nifty opened by 180 points at 5380.

Other Major Asian markets are also seen trading in the green zone following strong global cues as European leaders finally came up with the deal with private banks and insurers to accept a 50 percent loss on their Greek government bonds to lower the debt burden of Greek.  Additional support came from data showing the US economy grew in the third quarter at its fastest pace in a year.

Back home, Metal shares like Hindalco shot up 10.5%. While Tata Steel, Sterlite, and JSPL gained 6-8%. The other gainers are ONGC, Infosys, ICICI Bank, L&T, TCS, Axis Bank, SBI, SAIL, Dr Reddy's Labs, DLF and JP Associates were up between 3% and 5%.  

Dr. Reddy's Laboratories has gained 4 per cent at Rs 1656.95 on reports from USFDA who approved the company to manufacture first generic versions of Zyprexa and Zyprexa Zydus, used for treating schizophrenia and bipolar disorder. According to USFDA. Olanzapine, which is currently being marketed under the brand Zyprexa by Eli Lilly, is seen having sales of $5.3 billion worldwide with nearly half of it from the US alone

The market breadth, indicating the overall health of the market, is strong. On BSE, 1672 shares rose and 443 shares fell. A total of 48 shares remained unchanged.

In conclusion, we expect the market to remain positive for the day and expect the European markets to provide some vital cues on the desired direction of the market trend in late afternoon session. Nevertheless we shall keep updating you regularly through our market commentary.