Markets opened on a solid footing in the morning trade amid positive global and domestic cues. The BSE barometer, the Sensex was trading 120 points or 0.59% higher, while the NSEís Nifty was trading 41.40 points or 0.68% higher at 11.15 am IST.
Recently appointed US Fed chairperson Janet Yellen on Tuesday said that she expects US economyís recovery to continue and the central bank would pullback its stimulus package in a measured manner, allaying concerns of global growth. The Dow Jones Industrial Average closed 1.22% higher on Tuesday, while the NASDAQ Composite closed 1.03% higher.
All Asian indices were trading in the green. The Nikkei (0.53%), Hang Seng (0.97%), KOSPI (0.18%), Straits Times (0.39%), Jakarta Composite (0.33%) and Shanghai Composite (0.12%) were trading higher with positive Chinese trade data adding to the optimism.
Chinese exports beat expectations in January, rising 10.6% from a year earlier, while imports jumped 10%, leaving the country with a trade surplus of $31.9 billion for January.
Back home, Indiaís trade deficit narrowed in January to $9.92 billion from $10.14 billion in December. Among sectoral indices, BSE Bankex was trading 1.16% higher, BSE Capital Goods (1.01%), BSE Oil & Gas (1.22%) were the major gainers.
Among individual stocks, Gail (2.99%), ICICI Bank (2.16%) and RIL (1.74%) were the major gainers.