Sensex opens in green; HCL Tech up on strong Q2 numbers

The Indian markets opened in the green with the Sensex at 18691.18, up 113.48 points and Nifty at 5679.2o, up 31.20 pointson global cues.

Some volatility is expected as Reserve Bank of India (RBI) Governor D Subbarao will hold pre-policy consultations with trade bodies and credit rating agencies at Mumbai today.

[caption id="attachment_493222" align="alignleft" width="380"] Reuters[/caption]

On the Domestic Front, differing with the International Monetary Fund's growth forecast of 4.9 percent for India during 2012, Planning Commission Deputy Chairman Montek Singh Ahluwalia said it has a statistical problem.

India's food subsidy bill in 2012-2013 financial year has swelled to over Rs 101,879 crore in the first six months itself, 36% more than the Budget estimate according to a calculation made by the Food Corporation of India (FCI).

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Globally, Asian shares rose on Wednesday as strong US earnings reports brightened investor mood, while the euro hit a one-month high against the dollar as Spain dodged a bullet when Moody's Investor Service kept Madrid's investment grade rating.

Risk tolerance grew on talk of European Union aid for Spain, driving down safe-haven US Treasury prices and weighing on the dollar index on Tuesday.

Stocks in news

Indian Oil was up half a percent after reports that the company is said to offer 45,000 tons of fuel oil for November.

Jaiprakash Associates (2 percent) and Aditya Birla Group (0.60 percent) were up after The Economic Times reported that the companies revived talks for Jaiprakash's cement plants.

JSW Steel was down 1.95 percent after CBI is probing cases of illegal mining, filed charges against JSW Steel, two of its executives and some group.

HCL Technologies shares were up 2 percent after the company posted strong Q2 results.

MindTree was down 4 percent after the company lowered its guidance for Q2.