Markets trade higher on strong global cues; Wipro surges

Commentary

oi-Sunil

By Sunil Fernandes

Published: Friday, November 2, 2012, 9:27 [IST]

Markets opened the day higher following strong overnight closings in the US and higher indices across Asia.

The Sensex was trading higher by 153 points, while the Nifty gained 46 points at 9.25 am IST. Among the early gainers in trade were Tata Motors, Axis Bank, Jaiprakash Associates, HDFC Bank and ICICI Bank. On the other hand the only losers in trade from among the Nifty was Coal india.

Shares of Wipro was the top gainer amongst the S&P CNX Nifty stocks with the shares gaining 2.42% following a good financial performance.

Shares of Union Bank rallied ahead of its results. The stock was up more than 1.5%.

Reliance Industries which continued to be in the limelight was trading with gains of 0.5% at Rs 811.

PSU Banking shares which have remained subdued after the government's credit policy all rallied smartly in trade today. Andhra Bank, Allahabad Bank, IDBI bank, Punjab National Bank and State Bank of India all rallied smartly in trade.

FMCG stocks like ITC and Hindustan Unilever were trading with slight gains. IT stocks like TCS, HCL and Infosys were also trading higher, following a sentiment boost given by Wipro's performance.

Meanwhile, markets in Asia were trading higher with the Hong Kong's Hang Sang, the Japanese Nikkei and Singapore's Strait Times all higher in trade.

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