Markets open at record highs on positive global cues; Sensex hits 31,300

Benchmark indices opened at record high with Sensex scaling 31,300 tracking gains in global markets as Wall Street touched record highs on upbeat US manufacturing and employment data. The S&P BSE Sensex gained as much as 195 points to touch a new high of 31,332, surpassing the previous milestone of 31,220 hit on May 29 while the broader Nifty50 rose as much as 16 ponts to reach a fresh high of 9,673, scaling last peak of 9,637 hit on May 29. Commodity Trading Tips

 
The strong data suggested the US economy is regaining speed after struggling at the start of the year, which could make a strong case for a rate hike by US Fed. San Francisco Federal Reserve Bank President John Williams on Wednesday said while he saw three interest rate hikes this year as his baseline scenario, four rate increases would also be appropriate if the economy got an unexpected boost, Reuters reported. At 9:17 am, the S&P BSE Sensex was trading at 31,293, up 155 points, while the broader Nifty50 was ruling at 9,667, up 51 points. Nifty Trading Tips