Markets open flat; IT stocks gain on falling rupee

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Markets opened the day flat and drifted into the red, as banking stocks saw some selling pressure. The Sensex was trading lower by 6 points, while the Nifty shed 4 points in early trade.

Among the losers in early trade were those from the banking space including ICICI Bank, HDFC Bank and State Bank of India.

Technology stocks, however, saw some buying interest as the rupee continued to weaken. Technology stocks that gained were Infosys, Tata Consultancy Services, HCL Tech and Wipro.

Coal India rallied in trade after the company reported a sharp jump in net profits. The stock was up1.5 per cent in trade.

Reliance Infra was down after reports that the company is in the process of pulling out of mega projects worth 20,000 crore due to inordinate delays by government agencies in fulfilling commitments relating to these projects.

The Voltas stock was down almost 2 per cent after the Tata group firm reported a whopping decline of 91 per cent in consolidated net profit at Rs 9 crore for the quarter ended March 31, 2013.

PSU banking stocks saw some buying interest with Allahabad Bank, State Bank of India, Andhra Bank and Dena Bank among the gainers.

Realty stocks also saw some buying interest with notable gainers from the space being Unitech, Sobha Developers and HDIL being among the gainers.

Auto stocks were trading mixed with Maruti Suzuki and Mahindra and Mahindra among the losers, while Ashok Leyland and Apollo gained.

Meanwhile, markets in Asia were trading marginally lower today.

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Read more about: sensex, nifty
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