Wednesday 4 September 2013

Markets open on a strong note as heavyweights gain

Infosys, Reliance Industries, Tata Motors and TCS among the top gainers in opening trades

After a momentary tick in the red, the markets gained in the opening trades on account of gains in heavyweight names like Infosys, Reliance Industries, Tata Motors and TCS.

At 1918 hrs, the Sensex was up 86 points at 18,321 and the Nifty gained 25 points to trade at 5,366.

In the broader markets, the mdicap index was up 0.4% and the smallcap index gained 0.2%, both underperforming the BSE benchmark index which gained 0.6%.

In Asia, stocks snapped a four-day winning streak on Wednesday and safe assets like gold consolidated chunky overnight gains after President Barack Obama clinched the backing of two key figures in Congress in his drive for limited U.S. strikes on Syria.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5% after four days of gains. Philippines and Indonesia's stocks led declines in the region.

The Nikkei average retreated from a near three-week high on Wednesday morning, hit by profit-taking after recent big gains, with many investors on the sidelines ahead of key events in coming days.

The benchmark Nikkei shed 0.8% at 13,869 in midmorning trade, after advancing 4.4% the past two sessions.

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