Markets open higher; Sun rallies post results

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 Markets open higher; Sun rallies post results
Markets opened the day higher led by a strong rally in pharma stocks including Sun Pharma and Cipla. The Sensex was trading higher by 99 points, while the Nifty rallied 27 points in trade.

Apart from the Cipla, which gained following better then expected results, Sun Pharma was the other pharma stocks that gained following its results. Shares in the pharma major were higher by 6 per cent.

Stocks that cracked in trade was DLF, which fell ahead of its results to be declared later. ONGC, which is also slated to declare its results was marginally up by 0.50 per cent.

PSU banking stocks were trading lower once again with the CNX PSU banking index in the negative. Stocks that led declines from the space were State Bank of India, which shed 1.7 per cent, while Bank of Baroda and Syndicate Bank, both lost 1 per cent each.

Private sector banking stocks were also trading lower with names like IndusInd Bank, Yes Bank and Kotak Bank trading lower.

Ranbaxy Labs which gained 28% in trade on Thursday, rallied another 1 per cent in trade today. Cement stocks were also trading higher in line with the broad markets with notable gainers being ACC and Ambuja Cements.

Sobha Developers was trading higher after the company reported a growth of 11 percent year-on-year in its first quarter (April-June, FY14) consolidated net profit to about Rs 50 crore.

Meanwhile, markets in Asia were trading higher led by strong gains in the Hong Kong's Hang Sang and the Shanghai Composite

Other markets in Asia that gained were the Taiwan's Taiwan Weighted, the Korean Kospi and the Singapore's Strait Times.

Read more about: sensex, nifty
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