Sensex, Nifty firm; Hindalco up 3%, Reliance ITC drag

Hindalco, Tata Power, BHEL, Infosys and Tata Steel are top gainers in the Sensex. Among the losers are Reliance, ITC, Bajaj Auto and Dr Reddy's Labs.

09:15

Moneycontrol Bureau The market has opened the most crucial Budget week on a firm note.The Sensex is up 65.28 points at 29296.69 and the Nifty is up 23.25 points at 8856.85. About 500 shares have advanced, 126 shares declined, and 119 shares are unchanged.

Hindalco, Tata Power, BHEL, Infosys and Tata Steel are top gainers in the Sensex. Among the losers are Reliance, ITC, Bajaj Auto and Dr Reddy's Labs.

The Indian rupee opened flat at 62.20 per dollar versus 62.22 Friday.

The euro held steady, rising initially in relief following a conditional loan extension deal for Greece, but losing steam as caution towards the debt saga persisted.

Pramit Brahmbhatt of Veracity said, "Investors are likely to be cautious ahead of a series of data due for the week. Rupee is expected to trade rangebound to slightly weak taking cues from a strong dollar. Range for the rupee is seen between 61.80-62.80/dollar."

Global cues are positive with the Wall Street having closed at record highs after Greece got yet another lifeline as the Euro-group agreed to extend the bailout package by four months, contingent on reform measures by Greece.

Asian markets are positive in morning trade but volumes are low with China, Taiwan markets being closed for the Chinese New Year holiday.

Nymex crude futures dropped as Libya resumed oil exports from the eastern port of Zuei-Tina thereby adding to the global glut. Brent crude hovered around USD 60 dollars per barrel.
Precious metal gold's prices fell towards USD 1200 an ounce after euro ministers and Greek officials reached an agreement to extend Greece's financial rescue by four months.

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