Sensex Opens Higher; ICICI Bank & HDFC Among Top Gainers

Asian share markets are trading on a positive note today tracking higher Wall Street indices.

The Hang Seng is up 2% while the Nikkei is up 0.7%. The Shanghai Composite is trading higher by 0.2%.

In US stock markets, Wall Street indices closed at their highest levels overnight, lifted by Tesla as investors eyed the start of the second-quarter earnings season and a batch of economic data.

The Dow Jones Industrial Average rose 0.4% while the Nasdaq Composite climbed 0.2%.

Back home, the Indian share markets have opened on a positive note, following the trend on SGX Nifty.

Market participants will track Mindtree's share price, Tata Metalik's share price and, Deccan Healthcare's share price as these companies will release quarterly earnings today.

The BSE Sensex is trading up by 240 points. Meanwhile, the NSE Nifty is trading higher by 69 points.

ICICI Bank is among the top gainers today. Tech Mahindra, on the other hand, is among the top losers today.

The BSE Mid Cap index and the BSE Small Cap index had opened higher by 0.2% and 0.5%, respectively.

Barring IT stocks, all sectoral indices are trading in green with stocks in the realty sector and automobile sector witnessing most of the buying interest.

Shares of ACC and Force Motors hit their 52-week highs today.

The rupee is trading at 74.51 against the US$.

Gold prices are trading up by 0.2% at Rs 47,846 per 10 grams.

Meanwhile, silver prices are trading up by 0.2% at Rs 69,508 per kg.

In news from the power sector, the power ministry will ask the finance ministry to advise banks to follow prudential norms laid down by sectoral financiers Power Finance Corporation (PFC) and REC stringently while lending to electricity distribution utilities.

The above move is aimed at stopping distribution companies (discoms) from bypassing the guidelines when they approach banks instead of REC and PFC.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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