NEW DELHI: Benchmark indices opened higher on Thursday, ahead of the Economic Survey, amid firm cues from the global market and falling crude oil prices.Asian stocks advanced on Thursday, tracking sharp gains on Wall Street as recent data from multiple sectors pointed to slowing economic growth in the United States, bolstering the prospect of rate cuts by the Federal Reserve.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent as did Japan's benchmark Nikkei, and Australia was up 0.6 per cent.
Crude oil prices fell, pressured by data showing a smaller-than-expected decline in US crude stockpiles.
Front-month Brent crude futures were down 0.4 per cent at $63.60 per barrel.Meanwhile, markets would keep a keen eye on the Indian Economic survey.
The survey prepared by Chief Economic Adviser Krishnamurthy Subramanian is likely to flag headwinds that the economy might face in its pursuit to become the world's fifth largest economy.
It is also likely to detail reforms road map needed to fulfill Modi's goal of more than doubling the size of the economy to USD 5 trillion by 2024.
At around 9:30 am, the 30-pack Sensex was up 90 points or 0.23 per cent at 39,929.
Nifty rose by 23.55 points or 0.20 per cent to 11,940.30 with 33 stocks in the black, 16 in the red while one remained unchanged.
In the Sensex kitty of stocks, 20 gained while 10 fell.
Yes Bank was the biggest gainer, up 1.80 per cent as the private lender announced the launch of Click OD (overdraft) facility for the Banks existing Micro, Small and Medium Enterprises (MSME) customers.
Kotak Bank, ONGC, SBI, IndusInd bank and Tata Motors were the other gainers rising upto one per cent.HCL Tech traded in the red zone, down 0.91 per cent.
Sun Pharma, Tech Mahindra, ITC, Bajaj Auto and Power Grid were other losers, down up to one per cent.BSE Midcap and BSE Smallcap indices gained up 0.32 and 0.33 per cent respectively.On the sectoral front, barring IT, Consumer Durables and Metals, all the sectors traded on a bullish note.
BSE Realty was the biggest gainer.Meanwhile, business activity growth in Indias service sector gathered contracted in June as broadly stagnant sales caused the first drop in business activity in over a year and led to job creation at a 22-month low, a private survey showed on Wednesday.