Markets open at fresh highs: Nifty hits 9,450, Sensex scales 30,300

The benchmark indices remained in the grip of bulls, opening at all time highs for the second consecutive session lifted by Asian markets on positive global cues. Hopes of higher agricultural and economic growth post better monsoon forecast by IMD added to the sentiment. The 30-share Sensex rose as much as 98 points to its record high of 30,346 surpassing its previous peak of 30,271 reached yesterday, while the 50-share Nifty added 43 points to its lifetime high of 9,450, moving beyond its last milestone of  9,415, also hit in the previous session. At 9:17 am, S&P BSE Sensex was trading 64 points higher at 30,312 while the broader Nifty50 was ruling at 9,448, up 41 points. Both indices also ended at new closing highs yesterday. Commodity Trading Tips

Broader markets also ectended their record highs with with BSE Midcap index up 0.6% and BSE smallcap trading 0.5% higher. "Having broken above the recent congestion band, the 9,550 objective is clearly in play. A rise in volatility is expected though and downside pivot needs to be moved higher to 9,386," said Geojit Financial Services in a note. Meanwhile, jump in oil prices of more than 3% bolstered by the biggest one-week drop in US inventories so far this year lifted the global market sentiment, led by the energy stocks. Back home, 46 companies are going to report their Q4 results today including Arvind, Asian Paints, Glenmark Pharma and Gujarat Pipavav. Nifty Trading Tips