Markets open higher on hopes of US debt deal

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Markets open higher on hopes of US debt deal
Markets opened the day higher following strong Asian cues and on hopes of a US Debt ceiling deal. The Sensex was trading higher by 120 points, while the Nifty rallied 33 points in early trade.

Reliance Industries, which reported a good set of numbers was up more then 1.5% in trade, while other notable gainers were DLF and Sesa Sterlite.

Software stocks were once again in the limelight with notable gainers being Tata Consultancy Services, HCL Tech and Wipro. TCS is set to declare its results later today.

Banking stocks were trading weak today, following disappointing data on the inflation front and a rise in bond yields. Notable losers from the banking space were HDFC Bank, ICICI Bank, Bank of Baroda and Bank of India.

PSU Banking stocks on the other hand rallied with gainers being Allahabad Bank, Union Bank, Canara Bank and Andhra Bank.

Tata Motors which has rallied significantly in the last few days shed gains in trade. Other losers from the Nifty were Hindalco, Power Grid and Ambuja Cements.

Mid Cap stocks also saw some buying interest in trade today with Crompton Greaves, Unitech and Steel Authority among the gainers.

Wockhardt, which was locked at the upper end of the circuit filter on Monday, was trading 5% lower once again in trade.

Karnataka Bank which had rallied substantially in trade on Monday lost some ground and was trading marginally lower.

Meanwhile, most of the markets in Asia were trading higher following hopes of a solution to the debt deal in the US.

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