Sensex, Nifty open higher; banking stocks gain

Commentary

oi-Sunil

By Sunil Fernandes

Published: Monday, June 30, 2014, 9:35 [IST]

The Sensex and the Nifty opened the day higher led by gains in banking and pharma stocks. Asian markets were also trading higher contributing to gains in the benchmark indices. The Sensex was trading higher by 222 points, while the nIfty was up 63 points in trade.

Among the early Nifty gainers in trade were ONGC, ITC, Bharti Airtel and BHEL. The clear winners, however were from the banking and pharma space.

Notable winners were Dr Reddy's, Sun Pharma, HDFC Bank, ICICI Bank and Cipla. Shares in PSU bank, Indian Overseas Bank were higher after shareholders approved the bank's proposal for qualified institutional placement.

Infosys was trading higher despite reports that its Senior Vice President and Group Head of computers and communications division, had resigned.

Coal India was up after reports that power and coal minister Piyush Goyal has said the new government will not split the world's largest coal miner.

Nifty stocks that declined in trade today were United Spirits which fell more than 3 per cent and Mahindra and Mahindra which dropped marginally in trade.

Mid cap stocks were in the limelight in trade today with notable winners being HPCL, Power Finance and Gas Authority of India. Jubilant Foodworks and JSW Energy were among the other gainers in trade.

Mumbai based realty stocks like HDIL and DB Realty gained on reports that the Maharashtra Government may considered reforms for the housing sector in the state.

Meanwhile, most of the Asian markets were trading higher led by gains in the Hong Kong's Hang Sang and the Shanghai Composite.

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