Markets open the week steady; SBI, DLF gain

Markets opened the week on a steady note, with India's largest lender State Bank of India continuing to show handsome gains from Friday's close. The Nifty was trading at 4921, up 21 points, while the Sensex was trading with gains of 55 points at 9.25 am IST.

Asian markets were also up with the Shanghai Composite and Nikkei both trading higher, while the Strait Times was marginally lower. Among the shares that gained ground today were DLF and State Bank of India.

In fact, State Bank of India has rallied for the second day in a row, following a better than expected financial performance for the fourth quarter of 2011-2012.

Markets are likely to take cues from Europe, particularly developments in Greece and Spain. Investment analysts are not too optimistic that the markets would rise sharply, as problems in Europe continue to be a drag on the markets. Meanwhile, the rupee too has been playing a spoilsport for the markets, with the currency hitting historic lows.

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