Markets open flat on rupee weakness

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Markets open flat on rupee weakness
Markets opened the day flat on weakness in the rupee and a fall in banking stocks. The Sensex was trading higher by 30 points, while the Nifty gained 2 points in trade.

Banking stocks continued to languish with ICICI Bank, State Bank of India, Axis Bank and Kotak Bank among the losers.
Nifty stocks that lost ground were Bharti Airtel, BPCL, Larsen and Toubro. ONGC which declared its results on Monday was down more than 1 per cent following results that lagged estimates.

Hindalco Industries was down 3 per cent ahead of its results to be declared later today. Metal stocks that rallied sharply in trade on Monday lost ground with Tata Steel and JSW among the losers.

IT stocks continued to rally following weakness in the rupee. Infosys was up along with TCS and Wipro. Wockhardt was locked at the upper end of the circuit filter again today.

Lakshmi Vilas Bank was trading marginally lower after the private sector lender reported a marginal increase in its net profit for the first quarter ending June 30, 2013 at Rs 25.35 crore.

Real estate major DLF reacted positively to its numbers with the stock up more than 5 per cent in early trade.

The mid cap index was trading with gains with notable winners being Tech Mahindra, Punj Lloyd, and Aurobindo Pharma.
Meanwhile, most of the Asian markets were trading higher with the Korean Kospi and the Japanese Nikkei gaining more than 1 per cent in trade.

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