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Mkts open higher; oil, power, auto stocks up

In early trade the Sensex was up 171 points at 16,892.

News18test sharma |

Updated:April 25, 2008, 10:59 AM IST
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Mkts open higher; oil, power, auto stocks up
In early trade the Sensex was up 171 points at 16,892.

Mumbai: The markets have opened higher on good buying support from oil & gas, power, auto, banking, technology, realty and telecom stocks. Good US cues also supported the markets. Midcap and small cap stocks were up. Market breadht is positive; 538 shares advanced while 118 shares declined.

At 0958 hrs, IST, the Sensex was up 171 points at 16,892 and the Nifty up 52 points at 5052.

Bharti, HCL Tech, Hero HOnda, Idea, HDFC Bank, TCS and Essar oil were gainers in early trade.

Essar Oil has gained nearly 5 per cent as Gujarat HC restored eligibility to avail sales tax/VAT deferral benefits so Essar Oil is going to benefit of up to 125 per cent on capital investments in Vadinar Refinery.

Asian markets were trading mixed.

US markets advanced but closed off Intraday highs. Dow gained 85 points to close at 12,849. Nasdaq ended 23 points higher at 2,429. While the S&P 500 closed almost 9 points higher at 1,389.

Market cues:

* Inflation data today; CNBC-TV18 poll sees inflation at 7.29% vs 7.14%

* NSE F&O May series begins with Open Interest of Rs 49,251 cr

* FIIs net sell $65.2 mn in equity

F&O cues:

* Marketwide rollover at 82% Vs 79% last time

* Nifty rollover at 71% Vs 63% last time

* Nifty Futures at 3-point premium Vs 35-point premium at beginning of Apr series

* Nifty Futures add 25 lakh shares in net Open Interest

* Nifty Open Interest Put-Call ratio at 1.39 Vs 1.31 at the beginning of Apr series

* Nifty Puts add 30 lakh shares in Open Interest

* Nifty Calls add 18 lakh shares in Open Interest

* Nifty 4900 Put adds 7 lakh shares in Open Interest

* Nifty 5000 Call adds 6.5 lakh shares in Open Interest

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