Markets open steady ahead of key earnings

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Markets open steady ahead of key earnings
Markets opened the day steady ahead of earnings from a host of banking stocks, particularly from the PSU space.

The Sensex was trading higher by 32 points, while the Nifty gained 10 points in early trade. Hero Motor Corp, was trading marginally higher despite a weakish set of results posted by the company.

Bank of India, which reported numbers that were in line with expectations was trading flat at Rs 183. DLF, Larsen and Toubro, Jaiprakash Associates and Tata Steel were the top Nifty gainers in early trade.

Nifty stocks that lost ground in trade were NTPC, Infosys, Tata Motors and Hindustan Unilever. PSU banking stocks saw some recovery in their share prices after having been badly battered in the last few trading sessions. Stocks from the space which lost ground were State Bank of India, Indian Overseas Bank and IDBI Bank.

Canara Bank and Syndicate Bank were both trading with gains ahead of their results to be declared later today.

Real estate stocks were the star performers in early trade with Godrej Properties gaining 5.5 per cent, while other notable gainers were Oberoi Realty, which rallied 7 per cent. Coal India was up marginally despite action being taken against the firm by the Competition Commission of India.

Meanwhile, most of the Asian markets were closed for trading, with the Japanese index dropping in early trade.

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