Sensex, Nifty open firm; SBI gains 2%, BHEL drags 5%

09:15

Moneycontrol Bureau The market has opened higher. The Sensex is up 71.07 points at 28876.17 and the Nifty is up 29.95 points at 8741.50. About 464 shares have advanced, 144 shares declined, and 136 shares are unchanged.

SBI is up 2 percent while ICICI Bank, Hero, Dr Reddy's Labs, and Sun Pharma. BHEL is down 5 percent and Coal India, ONGC, Infosys and M&M are losers in the Sensex.

The Indian rupee gained in early trade. It rose 18 paise to 62.13 per dollar against 62.31 Thursday.The dollar drops across the board after weaker-than-expected US economic data.

Pramit Brahmbhatt of Veracity said, "Today local indices are expected to trade strong as Asian markets have already opened in green taking cues from the news of a ceasefire in Ukraine. Rupee is also expected to appreciate with the support of strong local equities. Range for the day is seen between 61.90-62.70/dollar."

Meanwhile, Asia was mixed in morning trade as a stronger yen curbed risk appetite in Japan.

The stocks in the US closed sharply higher as investors cheered a cease-fire agreement between Russia and Ukraine, amid firming oil prices and strong earnings reports. The Nasdaq closed up 1.18 percent to 4,857 its highest level since march 2000.

On the economic data front in the US, retail sales for January came in weaker than expected, down 0.8 percent and near December's 0.9 percent decline. Jobless claims were at 304,000 last week, more than expected and an increase of 25,000 from last week

In Europe equities ended higher with investors cheering a peace deal agreed between Ukraine and Russia. The German DAX - which is exposed to the Russian market - ended up 1.5 percent higher. A slew of corporate earnings also helped to boost sentiment in the region.

In commodities, Nymex Crude rose above USD 51 per barrel as news of deeper industry spending cuts and a sinking u-s dollar revived buying. Brent crude rises to USD 59 per barrel.

From precious metals space, gold remained largely unchanged, hovering around USD 1220 an ounce. The metal is headed for its third weekly drop.

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