MUMBAI: Equities opened higher on Monday on the back of decent gains in index heavyweight Reliance Industries and other Ambani group companies after ADAG group chairman Anil Ambani extended an olive branch to end a bitter feud with his brother Mukesh Ambani.
He said in a statement he believed "all disagreements can be sorted out in a constructive, cordial and conciliatory manner", and called for "a generous heart, a willing mind and accommodating spirit to resolve issues".
Bombay Stock Exchange’s Sensex was trading at 16749, higher by 107 points or 0.5 per cent while National Stock Exchange’s Nifty gained 21 points or 0.4 per cent to 4970.
“Market continues to move in narrow range, but in short term now signs of cracks are visible. But still, till the market is staying above 4900, even short term trend can't be termed as weak. Once it closes below 4900, one should consider short term trend as negative. Financials and Metals saved the indices last week, as also defensives like FMCG. On the weaker side - reality and IT were dragging markets down,” said DD Sharma, senior vice president-retail at Angel Broking.
On the data front, IIP for the month of August will be declared Monday. Annual industrial output growth is expected to have accelerated in August on robust consumer demand and government spending with the economy on recovery path. The Index of Industrial Production is forecast to have risen 9.2 percent from a year earlier, picking up from a provisional 6.8 per cent rise in July's data, according to a Reuters poll of economists.
US stocks climbed on Friday, with the Dow hitting a closing high for 2009, as investors anticipated positive news from next week's earnings declaration and bullish broker comments boosted tech shares.
US stocks achieved their best weekly gains since July and snapped a two-week losing streak. The five-day rally pushed the Dow Jones industrial average up 4 percent for the week, while the Standard & Poor's 500 advanced 4.5 per cent and the Nasdaq gained 4.5 per cent.
Asian markets are trading without any clear direction. Japanese markets are shut for a national holiday. Hang Seng shed 0.1 per cent and Straits Times edged up 0.57 per cent. China’s CSI 300 climbed 0.3 per cent while Kospi was down 0.73 per cent.
He said in a statement he believed "all disagreements can be sorted out in a constructive, cordial and conciliatory manner", and called for "a generous heart, a willing mind and accommodating spirit to resolve issues".
Bombay Stock Exchange’s Sensex was trading at 16749, higher by 107 points or 0.5 per cent while National Stock Exchange’s Nifty gained 21 points or 0.4 per cent to 4970.
“Market continues to move in narrow range, but in short term now signs of cracks are visible. But still, till the market is staying above 4900, even short term trend can't be termed as weak. Once it closes below 4900, one should consider short term trend as negative. Financials and Metals saved the indices last week, as also defensives like FMCG. On the weaker side - reality and IT were dragging markets down,” said DD Sharma, senior vice president-retail at Angel Broking.
On the data front, IIP for the month of August will be declared Monday. Annual industrial output growth is expected to have accelerated in August on robust consumer demand and government spending with the economy on recovery path. The Index of Industrial Production is forecast to have risen 9.2 percent from a year earlier, picking up from a provisional 6.8 per cent rise in July's data, according to a Reuters poll of economists.
US stocks climbed on Friday, with the Dow hitting a closing high for 2009, as investors anticipated positive news from next week's earnings declaration and bullish broker comments boosted tech shares.
US stocks achieved their best weekly gains since July and snapped a two-week losing streak. The five-day rally pushed the Dow Jones industrial average up 4 percent for the week, while the Standard & Poor's 500 advanced 4.5 per cent and the Nasdaq gained 4.5 per cent.
Asian markets are trading without any clear direction. Japanese markets are shut for a national holiday. Hang Seng shed 0.1 per cent and Straits Times edged up 0.57 per cent. China’s CSI 300 climbed 0.3 per cent while Kospi was down 0.73 per cent.
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