Markets open higher; Axis, ICICI and HDFC Bank fall

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Markets open higher; Axis, ICICI and HDFC Bank fall
Markets have opened the day higher even as private sector banking names linked to money laundering allegations by Cobrapost saw a drop in their share prices. The Sensex was trading higher by 74 points, while the Nifty gained 27 points in early trade.

Among the early gainers in trade from the Nifty stocks were HDFC, BPCL, Hindalco, Siemens, Jindal Steel, ONGC, PNB, ACC, Gail and IDFC.

Private sector banks that were linked to the Cobrapost allegations on money laundering saw their share prices drop with all three of the banks allegedly to be involved including Axis Bank, ICICI Bank and HDFC Bank seeing drop in their share prices. The only other loser from the Nifty was Tata Motors.

Shares of Infosys gained the IT major said that it had won a five-year deal from BMW Group for application basis infrastructure management services.

Jindal Steel also jumped 1 per cent after the company said it is planning to invest Rs 23,000 crore in next three years to increase its steel making capacity to 14 million tonne.

Shares in Kingfisher were trading lower after lenders said they have started the process of monetising collateral to recover part of their loans from Kingfisher Airlines.

Punj Lloyd jumped 2 per cent after the company bagged its 1st offshore project in Saudi Arabia worth Rs 314 crore

Videocon Industries rallied almost 5 per cent after reports that ONGC & OIL are making a joint bid for 20 per cent in Mozambique's Rovuma gas field.

Realty stocks continued to see buying in trade today with notable gainers from the space including Unitech, Anant Raj and DB realty.

Meanwhile, markets in Asia were trading higher led by strong gains in the Chinese and Japanese markets. Indian markets are expected to continue to rally led by strong global cues, particularly from the US and Europe.

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Read more about: sensex, nifty
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