Markets open steady on strong Asian cues

Updated: Monday, May 6, 2013, 9:31 [IST]

Markets opened the day steady on the back of strong Asian cues, after the Dow Jones rallied to what was a record high on Friday.

The Sensex opened the day higher by 48 points, while the Nifty gained 11 points in early trade. Among the day's top losers were Larsen and Toubro, Mahindra and Mahindra, ICICI Bank and Tata Motors. Gainers from the Nifty included Sterlite Industries, Tata Steel, NTPC, ONGC and Reliance Industries.

Software stocks were in the limelight in trade today with prominent gainers from the space being TCS and Infosys, which both rallied over 1 per cent.

FMCG stocks like ITC and Hindustan Unilever were both trading steady. Realty stocks saw some selling pressure, while others were trading subdued. Realty stocks that were trading in the red included DLF, Sobha Developers and Parsvnath.

The Nifty mid cap index was higher by 0.5 per cent, mainly led by strong gains in Bata India, Petronet LNG and Opto Circuits.

Aurobindo Pharma was trading with gains after the pharma company said it has received final approvals from US health regulator to sell generic versions of two separate drugs used for treatment of enlarged prostate and bacterial infections in infants.

Grasim Industries was trading with a cut of 1 per cent after the Aditya Birla Group company reported a marginal jump of 1 per cent in net profits to Rs 818 crore in fourth quarter of FY13.

Reliance Communications jumped 2 per cent, after the company increased tariffs by 20 per cent. Meanwhile, markets in Asia were all trading higher, except the Japanese Nikkei which was trading with losses of 1 per cent.

GoodReturns.in