Markets open higher; discounts monsoon deficit, IMF growth forecasts

Markets opened the day higher on the back of strong global cues, despite monsoon deficit and poor growth forecasts for the economy.

The Sensex was trading higher by 91 points, while the Nifty was trading higher by 27 points at 5225 points. Among the shares that gained ground today were Larsen and Toubro, Hero Motor Corp and Hindalco all gained more than 1% in early trade.

Tata Motors shed ground as the Jaguar Land Rover sales came in lower than expectations. Axis Bank was steady ahead of its Q1 2013 results. Markets expect the company to post a 20% growth in net profits year on year.

Among the losers in early trade were Hindustan Unilever and GAIL. Asian markets were trading significantly higher today with Hong Kong's Hang Sang gaining 1.77%, while Singapore's Strait Times was higher by 0.77%, while Nikkei was up 0.58% at 9.20 am IST.

Markets are expected to trade in a range in the absence of major cues. Analysts believe that the markets have already run up significantly in the last few weeks.

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