Alliance Research –Sensex up over 100 pts, Nifty firm; Wipro up 1%, TCS in red

Vedanta, BHEL, ICICI Bank, Wipro and Infosys are top gainers in the Sensex. TCS is down 1 percent, ITC, Bharti Airtel, HUL and Lupin are among laggards in the Sensex.

The market has opened higher. The Sensex is up 134.12 points or 0.5 percent at 27707.78, and the Nifty is up 39.30 points or 0.5 percent at 8367.85. About 714 shares have advanced, 115 shares declined, and 64 shares are unchanged. Vedanta, BHEL, ICICI Bank, Wipro and Infosys are top gainers in the Sensex. TCS is down 1 percent, ITC, Bharti Airtel, HUL and Lupin are among laggards in the Sensex. The Indian rupee gained further in early trade. The currency has opened marginally higher by 7 paise at 63.32 per dollar against yesterday's close of 63.39 a dollar.   Pramit Brahmbhatt of Veracity said, "Concerns raised over the Greece debt issue will continue to hover over the market. We see the rupee range between 63.20-64/dollar today." IIP for the month of May will be released today. It is seen modestly higher on the back of strong core sector data. CNBC-TV18 poll sees May IIP at 4.4 percent versus 4.1 percent in April. Greece submitted its latest economic reform plan. The Greece government will ask Parliament to approve this plan later today ahead of the EU summit on Sunday. Asian stocks opened mixed this morning. Financial markets in Taiwan are shut today due to typhoon chan-hom which is moving at a speed of 155 kilometres per hour towards the northern coast of Taiwan. US stocks finished mildly higher, giving back more than half of opening gains. The Nasdaq composite gained 0.3 percent, while the blue-chip Dow and S&P 500 ticked up 0.2 percent each. All 28 member countries of the European Union will meet on Sunday, at which leaders will decide whether to accept the plans and negotiate a third aid program for Greece. Euro firms up on signs that cash-strapped greece was making some progress in its efforts to secure fresh funding. Nymex crude gained around 2 percent yesterday rebounding from the three-month lows of this week, as uncertainties remained about a nuclear deal that will allow Iran to export more crude. Brent crude trades well above 58-dollar mark.

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