Markets open higher; ONGC leads rally

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Markets open higher; ONGC leads rally
Markets opened the day higher led by a rally in ONGC, after the oil exploration major reported better than expected results.

The Sensex was trading higher by 50 points, while the Nifty gained 10 points in early trade. The top gainers from the Nifty in trade today were Tata Motors, Maruti Suzuki, Coal India, HeroMotor Corp and ICICI Bank.

Shares from the Nifty that lost momentum in trade today were Jindal Steel, Jaiprakash Associates, Grasim, Asian Paints and Tata Power.

Shares of Unitech slumped in trade after reports of involvement of company officials in the 2G spectrum re-surfaced.

Software stocks saw some selling pressure in trade today despite TCS reportedly bagging an increased order from Nielsen Holdings. Shares of Infosys, TCS and Wipro were all down in early trade.

Realty stocks saw severe cuts with DB Realty dropping 8 per cent, Unitech dropping 13 per cent and DLF and Indiabulls also falling in trade.

PSU banking stocks which have been falling over the past 1 month, saw buying interest with Andhra Bank, IDBI Bank, Bank of India, Canara Bank, Punjab National Bank and State Bank among the gainers.

Shares of Hanung Toys was steady despite the company reporting a drop in its net profits. Infrastructure stocks were trading mixed with Punj Lloyd, IVRCL and GMR dropping in trade, while Crompton and CESC gained ground.

TTK Prestige was trading higher after the company said that it had received Canadian patent for microwave pressure cooker.

Meanwhile, markets in Asia were trading higher led by substantial gains in the Japanese markets. The Japanese Nikkei rallied by 2.42 per cent, while other gainers from Asia included the Hong Kong's Hang Sang and the Chinese Shanghai Composite.

Markets are likely to watch the IIP data slated to be released later today which could dictate the momentum of the market.

Read more about: sensex, nifty
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