Markets open higher; software stocks gain

Commentary

oi-Sunil

By Sunil Fernandes

Published: Thursday, March 14, 2013, 9:29 [IST]

Markets opened the day flat in line with a subdued trend across Asia, with most of the markets in the region trading with losses. The Sensex gained 36 points in early trade points in trade, while the Nifty gained 11 points.

Among the early Nifty gainers were stocks from the technology pack including Tata Consultancy Services, Infosys Technologies and Wipro Ltd.

Other notable gainers were HeroMotor Corp, ITC, Jindal Steel, HDFC and Hindustan Unilever.

Stocks that lost ground from the index stocks were Larsen and Toubro, Tata Motors, Jindal Steel and Mahindra and Mahindra.

Shares of Reliance Industries gained after reports that the company plans to invest about $ 27 billion in the next four years across its core oil and gas and petrochemical businesses. The stock was up 0.30 per cent.

Telecom stocks were trading higher despite reports that these firms owe the government large sums of money. Bharti Airtel gained even after reports that one of its directors quit the company.

Allahabad Bank was trading steady after the bank marginally cut its rates for home loans.

Rate sensitives were trading higher ahead of the RBI's Credit policy on March 19. Realty stocks and Banking stocks saw some buying at lower levels. Gainers from these sectors included names like Prestige Estates, Phoenix Mills, DLF, HDIL, State Bank of India, IDBI Bank and ICICI Bank.

Dish TV Ltd lost 1 per cent after reports that US private equity firm Apollo Global Management LLC is in talks to sell its 11 per cent stake in the company.

Meanwhile, markets in Asia were trading with losses with the Hong Kong's Hang Sang, Singapore's Strait Times, Taiwan Weighted and the Korean Kopsi all trading lower.

Markets are likely to take cues from the inflation data expected later today. Analysts are expecting inflation to decline marginally.

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