Markets open flat; technologies stocks lead gainers

Published: Thursday, January 17, 2013, 9:36 [IST]

Markets opened the day flat and were trading marginally higher, thanks to support from frontline stocks in the technology space. The Sensex was trading higher by 28 points, while the Nifty gained 8 points in early trade.

Today's IT winners were led by HCL Technologies, India's fourth-largest software services provider, which rallied after the company beat estimates with a 68.4 percent jump in quarterly profits. The company's shares were up 4 per cent in trade, while other stocks from IT that gained included TCS, Infosys and Wipro.

Hero MotoCorp Ltd was trading flat ahead of its quarterly numbers to be announced later today.

DLF Ltd, gained marginally after the company said it will sell its wind energy business to an unlisted firm. The stock was up 1.3 per cent.

Banking stocks were a big drag on the indices with names like ICICI Bank, Kotak, HDFC Bank and Punjab National Bank pulling the indices lower.

Metals pack continued to see a decline with Hindalco Industries, Jindal Saw, Jindal Steel and Tata Steel leading the declines.

Among non index stocks Suzlon Ltd, gained 5 per cent after lenders of the company approved the company's Rs 9600 crore worth corporate debt restructuring package, according to media reports.

TTK Prestige Ltd, lost 3.35 per cent despite the home appliances manufacturer reporting a 27.5 per cent jump in net profits.

Nifty stocks that lost ground in early trade were Coal India, Cipla, Bharti Airtel and GAIL.

Meanwhile, markets in Asia were trading lower led by declines in the Chinese Shanghai Composite. Other markets that were trading lower included the Japanese Nikkei and Singapore's Strait Times.

GoodReturns.in

Story first published: Thursday, January 17, 2013, 9:36 [IST]

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