The Sensex and the Nifty opened the day higher, as global cues were firm with Asian markets trading higher, following good closings across the US markets. China's manufacturing activity came in much better than expectations, which managed to drive sentiments across Asia. Most of the Asian markets were trading with gains of near 1 per cent and above.
The Nifty was trading with gains of 68 points at 10,380 points. Banking stocks were leading the set of gainers with ICICI Bank and State Bank of India among the gainers.
GIC Housing Finance shares fell after the company reported a decline in its net profit to Rs 26.40 crore for the fourth quarter ended March 31. The stock was down near 2 per cent at Rs 84.30.
Raymond too saw its share price decline after the company reported a consolidated net loss of Rs 69.10 crore for the fourth quarter ended March 2020. The stock lost almost 2.5 per cent in early trade.
IT stocks were a little weak in early trade with Infosys and TCS both declining. Top Nifty gainers were Tata Steel, Hindalco, Tata Motors, JSW Steel and HeroMoto Corp. Meanwhile, Dow Futures were marginally higher indicating a likely better openings for the US markets later today.