Markets open higher on positive CPI inflation data

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Markets open higher on positive CPI inflation data
Markets opened the day marginally higher as CPI inflation dropped for the month of January, raising hopes on the interest rate front. The Sensex was trading higher by 38 points at 20,471 points, while the Nifty was up 5 points in early trade.

NCC fell five per cent, following a dismal set of numbers, while Bata India was flat after its results.

Sun Pharma was the top Nifty gainer in trade, along with ICICI Bank, which has now rallied for a second day in a row.

Top Nifty losers in trade were from the pharma space including the likes of Cipla, Lupin and Ranbaxy Labs. Hindalco was trading marginally lower ahead of its results to be declared later today.

Banking stocks were flat, despite lower than expected CPI Inflation data. Stocks like Canara Bank, IDBI Bank and Syndicate Bank were little changed over Wednesday's levels.

Mid cap stocks were also flat in line with the Nifty and the Sensex. However, stocks like IGL, Reliance Cap and Unitech rallied in early trade.

Coal India fell one per cent in trade, despite the company reporting better than expected results. Software stocks were having a quite session in early trade with TCS and Infosys both trading flat.

Meanwhile, markets in Asia were mostly trading lower, led by losses in the Japanese Nikkei and the Jakarta Composite.

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