Markets open with marginal gains; Kingfisher rallies

Indian markets opened with marginal gains, with the NSE Nifty trading up 16 points at 5623 points and the BSE Sensex opening with modest gains of 65 points at 18494 points at 9.20 am IST.

King Fisher Airlines was up sharply by 3.18% at Rs 27.60. The stock which had dropped in early trade on Tuesday and recovered before close of trade, saw renewed short covering.

Among the other early gainers on the Nifty were ONGC and Tata Power. BHEL continued to rally on hopes that the government would levy import duty on power equipment's for mega projects.

Market breadth opened in favour of the advances. Cement stocks opened weak while bank stocks were a little subdued.

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