Markets up with strong gains

The Indian markets opened on a strong positive note today on the back of positive cues coming from the Asian markets and the European region. Investors returned to the market on the hope that European leaders will soon pass the long awaited bailout package for Greece. Both Sensex and Nifty both are trading up with 1.26% and 1.28% gains respectively.

Other Asian markets are trading on a positive note on the hope that the Greek bailout package will be announced soon by the European officials.

European markets after opening on a negative note yesterday closed with some positive gains as investors returned to the market after the euro zone was putting the finishing touches to a second bailout for Greece, for finance ministers' approval on Monday.

Back home, all the BSE sectoral indices are trading in the green, with CG, Power and PSU leading with gains of 5.56%, 4.99% and 2.73% respectively. All the other indices are trading with gains between 0.23% to 2.69%.

Among the Sensex shares, BHEL is leading with gains of 12.25%. Others like Coal India, DLF, ICICI Bank, L&T, NTPC, RIL and SBI are are trading with gains between 2%-4%. In the losers pack, Hero MotoCorp and Maruti Suzuki are down by 1.67% and 1.12% respectively.

In individual stocks, all power-related stocks are trading higher on the back of the news that more coal will be allocated to power companies at a discounted price.

The market breadth, which indicates the overall health of the market, is positive. On the BSE, 1746 shares rose and 642 shares fell. 91 shares remained unchanged.

We expect the markets to remain positive for the day. The European markets are also expected to provide some vital cues on the desired direction of the market trend in the late afternoon session.