FIRST TRADE: Indices open higher; Sensex adds 130 points, Nifty tops 24,300 levels

Indian equities on December 3 opened on a muted noted despite record highs hit in the overnight trade in the US. At the open, Sensex gained 0.16 per cent or 129.49 points to 80,377.57, while the NSE Nifty rose 0.14 per cent or 33.4 points at 24,309.45.

Sectorally, it is a mixed session, with some of the pockets including FMCG, pharma and IT down with a cut of up to 1 per cent, while others like Realty, Metal and PSU Bank resilient with gains of 1.5 per cent on the PSU Bank index.

Dr. V.K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, "The underlying resilience of the market is evident in its ability to bounce back. Market is focusing not on the GDP growth slowdown but on the likely policy response to this slowdown. Banking stocks bouncing back yesterday indicates that the market is expecting a CRR cut on Friday, which will boost the profitability of banks. 

News of higher GST proposals on products like tobacco can impact stocks like ITC and tax reductions on insurance premiums can be beneficial to insurance stocks

The net FII sell figure at only Rs 238 crores yesterday is misleading since it conceals many large bulk deals, added Vijaykumar.

Stocks in focus

A slew of stocks including Trent, Raymond, ITC, Varun Beverages may be in focus amid reports that the GoM has proposed rate rationalisation for a total of 148 items. On the likely impact on consumption, FMCG stocks are down up to 3 per cent.

Asian markets

Asian markets mostly remained upbeat with the Japan's Nikkei up 2 per cent, while the Singapore's Straits Times also was up over 1 per cent.