Markets Open Positive, ICICI Bank Gains 2%

The Indian markets have opened on a positive note today. The Nifty opened with a positive bias of 37 points at 6008 and Sensex was up 123 points at 19798. Both indices opened up in the range of 0.63%-0.62%.

The advance-decline ratio is in on the positive side in the morning session. On the NSE, 788 shares are trading in gains and 503 shares are down.

Top 5 NSE Gainers: ICICI Bank is the top NSE gainer so far, up by 2.05%, followed by NTPC, DLF, Hindalco and Lupin.

Top 5 NSE Losers: Coal India is trading lower by 1.7%. Mahindra & Mahindra, Power Grid Corp, Ambuja Cements and HDFC are among the others in losses.

12 out of the 13 sectors are trading in the green zone. Banks and Capital Goods are the top gainers, up by 140 points and 100 points respectively. Oil & Gas and PSU have also gained 60 points and 34 points respectively. Healthcare is also among the outperforming counters for today’s session, up by 90 points.

On the global front, the Asian shares are trading with a positive sentiment. The Nikkei market is the top gainer for today’s session, trading 476 points higher and Hang Seng is up by 33 points. Taiwan Weighted and Kospi are flat, with a negative bias, while Shanghai is flat, positive.

Buzzers: After hitting a new 52-week high on Monday, May 6, Finolex Industries has surged by another 6.4% today. The company reported a strong set of fourth quarter earnings. It made new 52-week high (Rs 130.90) in the morning session and is now trading around Rs 121.80. The stock has good support at around Rs 115 level.

GSK Pharma, Glenmark Pharma and UCO Bank are among those expected to announce their March quarter earnings today.

The 5980-5955 levels will be a lakshman rekha for the Nifty. 6025 will be a major hurdle. If the index breaks and trades above this level, we may see a further up-move.