Markets open flat; oil and gas stocks see selling pressure

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Markets opened the day flat with some selling pressure seen in oil and gas stocks after Tuesday's spectacular rally.

The Sensex was trading lower by 4 points, while the Nifty fell 2 points in early trade. Nifty stocks that were trading higher included Gail, Coal India, Cipla and NTPC. Nifty stocks that saw some profit booking in trade were Hero Motor Corp, Reliance and Bharti Airtel.

Gammon Infra continued to be locked at the upper end of the circuit filter for the third straight day. The stock was up 5 per cent again in trade.

Reliance Communications was down 2 per cent after the launch of its QIP. Government owned Engineers India was up 4 per cent after the government granted the company a navrathna status. India's largest real estate major, DLF saw its stocks dropping one per cent after the Competition Commission of India ordered a fresh probe into the company.

The Bank Nifty was trading with marginal losses with ICICI Bank, Indus IndBank and State Bank of India lower.
Mid cap stocks continued to hog the limelight with stocks like Reliance Infra, Godrej and Tata Global Beverages all trading higher.

Real estate stocks saw some gains with Sobha and Unitech among the early gainers.

Meanwhile, most of Asia was trading with losses over weak oversees closings in the US.

GoodReturns.in


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