Markets trade higher; Utratech, ICICI Bank rally

Commentary

oi-Sunil

By Sunil Fernandes

Published: Monday, December 3, 2012, 9:39 [IST]

Markets began the week on a strong note, with buying interest in select stocks lifting the Nifty higher. The Sensex gained 53 points, while the Nifty rose 13 points in early trade.

Among the gainers from the Nifty stocks were Ultratech Cement, which rallied more than 3%, while ICICI Bank gained 1% and was trading at Rs 1111.

Other gainers from the Nifty stocks were Jindal Steel, Mahindra and Mahindra, Tata Steel, Maruti Suzuki and Dr Reddy's Laboratories.

IT stocks were trading higher with TCS, Wipro and Infosys amongst the gainers.

Amongst the Nifty losers in trade today were BPCL, NTPC, HDFC Bank, Kotak Mahindra , IDFC and Axis Bank.

Shares of heavyweight Reliance Industries was amongst the gainers after reports that company is planning to launch 'MiFi' devices that will allow smartphone and tablet users to access high-speed internet.

Mphasis rallied 5% after the IT company acquired US-based data analytics company Digital Risk, for $200 million.

FMCG stocks were trading mixed today with Hindustan Unilever gaining, while ITC shed some gains.

Meanwhile, markets in Asia were trading higher with the Hong Kong's Hang Sang, Korean Kospi, Singapore's Strait times and Taiwan Weighted all gaining.

Markets are expected to remain volatile and all eyes would be on the parliament session, particularly to see if the FDI Bills would be passed in parliament.

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