Markets trade higher on strong global cues

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Markets trade higher on strong global cues
Markets opened the day higher on strong global cues with the Sensex rallying 122 points, while the Nifty gained 35 points in early trade.

Banking stocks gained as the Lok Sabha cleared the Banking Laws Ammendment Bill paving the way for reforms in the banking sector. PSU bank stocks including Allahabad Bank, Andhra Bank, IDBI Bank, IOB, Punjab National Bank, Syndicate Bank and State Bank of India all rallied.

Reliance Industries was marginally higher by 0.55% after the company agreed to an audit. Shares of GAIL too gained after after the state-owned firm completed the first phase of pipeline that will connect the upcoming LNG import facility at Kochi to consumers in Kerala.

Software stocks also recorded gains with TCS, Wipro and Infosys amongst the gainers. Two leading brokerage firms have recommended the TCS stock for gains.

Heavyweight, ITC was trading flat, while FMCG major Hindustan Unilever was also little changed from Tuesday's levels.

Metal stocks continued to rally with Sesa Goa, Tata Steel and Jindal Steel amongst the gainers.

Nifty stocks that lost ground in trade today were BPCL, Grasim and Dr Reddy's Laboratories and Cairn India.

Among non index stocks Rashtriya Chemicals and Fertilizers was trading firm after reports of a divestment in the company by the government. Mahindra and Mahindra Financial Services jumped on reports that the company will consider a stock split.

Pharma stocks also saw gains in trade today with Cadila, Cipla and Ranbaxy being amongst the gainers.

Meanwhile, markets in Asia were trading in the green in line with strong overseas closing in the US. Markets are expected to trade higher on hopes that the fiscal cliff problems in the US would be resolved. Traditionally, December has been a good month for equities around the world, and leads to what is more often called a Santaclaus rally

Read more about: sensex, nifty
Story first published: Wednesday, December 19, 2012, 9:38 [IST]
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