Markets open on a cautious note; Nifty above 8750: Benchmark indices have opened flat as investors remain cautious ahead of key events including Economic Survey, Railway Budget and Union Budget along with the expiry of February series due later during the week. Only days before the 2015-16 Budget, global ratings agency Standard and Poor’s (S&P) said the government must deliver on its reform promises, as low income levels and weak fiscal indicators were constraining the sovereign’s credit worthiness compared to its peers.
At 9:35 AM, the S&P BSE Sensex was trading at 29026 up 51 points, while NSE Nifty was trading at 8770 up 15 points. The Mid-cap and Small-cap Index, both, is out-performing the broader indices. The market breadth indicating the overall health of the market is strong. The Indian rupee has opened higher at 62.25 per dollar against previous day's closing value of 62.32 a dollar. The dollar holds steady against the yen ahead of congressional testimony by Federal Reserve Chair Janet Yellen.