Markets Trading Strong, RIL Up Over 5%

As expected in our morning market update, the Indian markets opened on a positive note today. Renewed hopes from the ECB to contain the spreading debt crisis in Europe and the better-than-expected US jobs data claim led the strong rally across the globe.

At present, both the major indices are trading higher, up by almost 1.20%. All the sectors are trading in gains. Metals, Power, Capital Goods and Auto are trading over 1.5% up, while the othes are up in the range of 0.33%-1.21%.

The other Asian markets too are trading with strong gains. The Hang Seng, Nikkei and Shanghai  are higher by 2.01%, 1.95% and 0.40% respectively. The markets are taking cues from the overnight developments.

Back home, Oil & Gas heavyweight RIL is trading higher by 5.06% this morning. The Metals pack is also on a high, and Tata Steel, Sterlite Industries, JSW and SAIL are the leading index gainers, up by over 2.5% as of now. Others like GAIL India, HDFC, HDFC Bank, BHEL, Bajaj Auto, SBI and Tata Power are in gains of over 1% each.

Among individual stocks, MCX-SX surged by over 3% today as the company received a nod for currency options.

As mentioned in the 'Stock in Action' section on our website, today all the telecom stocks are trading with 1% gains. This was post the Union Cabinet's approval last week of the reserve price of Rs 14000 crore for telecom companies for 5 MHz of pan-India 2G spectrum in the 1800 MHz band.

The market breadth, which indicates the overall health of the market, is positive at the moment. On the BSE, 1302 shares have advanced, 483 shares have declined and 62 shares are unchanged.