Markets open higher; GAAR delay provides relief

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Markets open higher; GAAR delay provides relief
Markets opened the day higher as the deferment of the controversial tax avoidance rules helped improve sentiments on the bourses.

The BSE Sensex was trading higher by 43 points at 17,474 points, while the Nifty was trading higher by 27 points at 9.20 am IST.

Asian markets which opened the day higher also helped improve sentiments. Among the early gainers in trade today were the high beta stocks including metals and real estate. Sterlite Industries was up more than 2%, Hindalco was up 1.78% and Jindal Steel was up 1%.

Real estate major DLF gained 1%, while among the banking stocks State Bank of India, ICICI Bank and Axis Bank were the early gainers.

FMCG stocks which have been in the limelight over the last few weeks were trading steady. Hindustan Unilever and ITC were both trading flat.

Among the stocks that lost ground today were HDFC, HDFC Bank and HCL Technologies. Software majors Infosys Technologies and TCS were trading higher by 1% and 0.50% respectively.

Meanwhile, Asian markets were also trading higher following hopes from Ben Bernanke of possible quantitative easing in the US. On Friday, the Fed Chairman had hinted at actions to strengthen the economy.

Read more about: sensex, nifty
Story first published: Monday, September 3, 2012, 9:30 [IST]
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