Markets trade lower; Infosys up post results

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Markets trade lower; Infosys up post results
Markets drifted lower in trade, despite a strong Q3 performance by IT major Infosys. The Sensex was trading lower by 42 points, while the Nifty lost 14 points in trade, as investors sold banking stocks.

Among the top gainers in trade today was Infosys, which rallied 1.8 per cent after its results beast analysts estimates.

Other technology stocks also gained momentum with Tata Consultancy Services also gaining ground. Most of the Nifty stocks were trading in the red with top losers coming from the metals pack including Tata Steel and Hindalco.

Larsen and Toubro continued to lose heavy ground for the third day running with the stock drifting another 1 per cent in trade. PSU banking stocks were clearly the top losers with Union Bank of India down two per cent, while other notable losers were Canara Bank, Bank of India and Bank of Baroda.

The realty pack also saw some selling pressure with losers being Oberoi Realty, Anant Raj and Unitech.

Mid cap stocks which have risen sharply in trade in the last few sessions also saw selling pressure with Voltas, GMR and HPCL among the losers.

Gold loan companies like Manapuram and Muthoot Finance, which gained as much as 20 per cent on Thursday, following the RBI decision to hike loan to value continued to rally. Manapuram Finance was up 9 per cent in trade once again today, making it 30 per cent gains in two days.

Meanwhile, markets across Asia were trading in the red with the Seoul Composite and the Shanghai Composite both down in trade.

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