Markets open at fresh high for second day in a row; Tata Motors top gainer

Frontline indices extended gains to open at fresh highs for second day in a row tracking positive cues from the global markets.Gains were however capped as investors remianed cautious as they waited for Federal Reserve Chair Janet Yellen;s testimony for clues on when the central bank would tighten the US monetary policy. Sensex rose as much as 86 points to hit the record high of 31,802, surpassing its previous milestone of 31768.39 hit yesterday while Nifty gained as much as 28 points to hit 9799, surpassing the last high of 9,772 hit yesterday. At 9:18 am, the S&P BSE Sensex was trading at 31,780, up 65 points while the broader Nifty50 was ruling at 9,795 up 24 points In the broader market, the S&P BSE Midcap and S&P BSE Smallcap indices were up 0.3% and 0.4% respectively. "Low volumes were instrumental in yesterday’s rise. However, the vertical rise is instructive, and suggestive towards potential for similar such sharp moves. Meanwhile pull back below 9,720 sharply reduce the upside prospects," said Geojit Financial Services in a note. Commodity Trading Tips

Buzzing Stocks

Tata Motors, Lupin, M&M and SBI contributed the most on BSE Sensex while Bharti Airtel, Asian Paints, Wipro and Cipla shed the most on the index. State Bank of India gained 1% after said its central board approved dilution of its stake in its life insurance arm through an initial public offer for which it has already secured the sectoral regulatory approval. Bharti Airtel lost 0.8% after the company said it will be investing Rs 2,000 crore over three years in the launch of various digital offerings even as the telco gears up to launch Voice over LTE (VoLTE) across the country by the end of this year. Nifty Trading Tips