Nifty reclaims 8500, Sensex opens firm; bank stocks lead
The market has opened firm on January Futures and Options expiry. The Sensex is up 82.93 points or 0.3 percent at 27458.51 and the Nifty is up 25.85 points or 0.3 percent at 8501.65. About 590 shares have advanced, 167 shares declined, and 128 shares are unchanged.
Bank stocks lead. Axis Bank, Adani Ports, Tata Steel, HDFC Bank and BHEL are top gainers while Bharti Airtel, Wipro, HUL and Wipro are losers in the Sensex.
The Indian rupee opened marginally lower at 68.17 per dollar against previous close 68.15.
"The USD-INR pair is expected to remain slightly under pressure given the strength in the dollar index over the last 2 weeks. We see muted sentiment before the Budget."
Asian markets are in the green in early trade, after better-than-expected Japanese exports data and South Korean GDP figures. The markets also took a positive lead from Wall Street. Nikkei is up over one and a half percent, with a broad-based rally across all sectors. Japan's annual exports grew in December for the first time in 15 months. Korean market are trading flat with a positive bias as the fourth-quarter gross domestic product (GDP) rose 0.4 percent from the previous quarter.