Markets Open Positive

The markets have snapped the negativity created in last few sessions and have opened in positive. The BSE Sensex is trading up 1.02% to 16194 while the 50 share Nifty index is up 1.05% to 4909. On the sectoral front, all indices except for IT are trading up. FMCG at this morning has gained 2.15%.

After yesterday’s heavy bearish sentiment, Asian markets are also seen in green. Japanese economy grew above the expectations in January to March quarter as the domestic demand and the government spending helped the country to show some signs of recovery post series of incidens like disastrous Tsunami and Nuclear mishaps in the last year. US economic growth slowed down a bit while that of China was 8.1% during the quarter. The Japanese Nikkei index opened in positive and has continued to run in green. Hang Seng and Shanghai Markets are also up over 0.5% each.

The economy of Singapore has also expanded by 10% during the quarter but the government there is playing cautious over the uncertainity in the Eurozone.

Yesterday national currency tanked heavily to post its all time low. The rupee is currently trading over 54 levels. The widening deficit in the current accounts has put pressure on the Rupee. Now when the Dollar is in demand there are speculations that rupee may keep falling till it touches 60 per dollar mark. Government at this time has said that it will not press the panic button. The USD INR currency futures are showing that the rupee may touch 56.25 by November this year. The investors, markets and the corporates will keenly watch the next action of the Government and the RBI.

Among the Sensex stocks only 3 stocks TCS, L&T and Infosys are trading below the separating line. Rest all stocks are up. In the gainers list ITC is on the buyer’s radar. DLF has also surged 2.95%. Tata Motors which tanked 7% yesterday is at the bottom of the gainers list.

Among the individual stocks, share of Astrazenecea have surged 11.61% again. The shares of this stock keep surging and tanking as there is uncertainity whether the company will go ahead with the de listing. Shares of Dish TV India have also gained 7.35% over the better earnings posted.

On the earnings front Bajaj Finserv yeserday posted its results where it reported good financial performance and also has reported improved NPAs. The stock looks to be a buying opprotunity as per brokerage house Sharekhan. Today the stock is up 0.82%.Shares of JK Lakshmi cement have surged 5.87% after company reported marginal decline in the profit. Company declared divided of Rs 2 for the shareholders.

Piramal Healthcare which yesterday announced that it will buy us based healthcare information company DRG for USD 635 million. The shares which tanked yesterday have now been bought and the stock is up marginally. Ind-Swift limited has announced that it has announced Atorvastatin in the UK market which has rocked its shares by 4.26% at this time. Mcnally Bharat Engineering has reported of winning an order of Rs 81 crore. The shares are up 1%.

Shares of Astrazenecea and Dish TV have reported surge in volumes. ‘T’’ group stocks such as WYN Aqua Exports, Aricent Infra, Alka Diamond, Swagruha Infra, Parikh Herbals and VSSL etc have shown new highs.

The market breadth, indicating the overall health of the market, is positive as more than 50% stocks have advanced in value.

Ahead today market may remain positive. Any adverse news on Eurozone may harm the positive run of the markets.