Markets open higher on encouraging global cues

Markets opened the day higher today, as fears of the Tsunami receded and on encouraging global cues, particularly the good results reported by Alcoa.

The Sensex opened the day higher at 101 points at 17300 points, while the Nifty was trading higher at 5259 points, up 32 points at 9.20 am. Among the stocks that gained today were the metal pack including the likes of SAIL, Sterlite and Hindalco. Infrastructure companies like Jaiprakash Industries and L&T were also trading higher. All of the gas stocks rallied today following Tuesday's hammering following the gas order.

However, some of the defensive like HUL, ITC and Wipro were trading lower. Markets are now keenly awaiting the Reserve Bank of India's Monetary Policy Review slated for April 17, 2012.

The markets are also awaiting the February industrial output numbers which are slated to be announced later today. The February IIP is expected to be steady at around 6.7% versus 6.8% in January.

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