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Markets open marginally higher

October 16, 2012 09:36 IST
The markets have opened marginally higher tracking subdued global cues. The gains are capped due to a mild selling pressure visible in some heavyweights such as Tata Motors, HUL, ITC and HDFC Bank.

The Sensex has advanced 65 points at 18,778 and the 50-share Nifty has advanced 18 points at 5,705.

Meanwhile, the Asian markets are trading higher. The Hang Seng has advanced 64 points to 21,212, Shanghai Composite was up 11 points at 2,110 and Japan's Nikkei was up 81 points at 8,658 as index heavyweight Softbank Corp rallied after the company confirmed a $20 billion acquisition of a U.S. competitor with a loan from four banks that also benefited from the news.

Overnight, the US stocks climbed on Monday, rebounding from last week's losses after Citigroup's earnings and retail sales sharply exceeded expectations.

Citigroup Inc shares shot up 5.5 percent to $36.66 and gave the biggest lift to the S&P 500 a fter the third-largest U.S. bank reported quarterly adjusted earnings that surged from the year-ago quarter and beat expectations.

The growth came as mortgage lending increased and capital markets results rebounded.

The Dow Jones rose 95 points, or 0.72 to 13,424, S&P 500 Index gained 11 points to finish at 1,440 and the Nasdaq Composite Index advanced 20 points to close at 3,064.
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