Sensex Opens Higher; Banking Stocks Gain

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The Sensex opened higher in trade once again with Jindal Steel and Banking stocks moving up in early trade.

Sensex Opens Higher; Banking Stocks Gain
Indices
Sensex26,236.87Sensex Quote-155.89 [0.59%]
Nifty8,102.05Nifty Quote-41.10 [0.50%]
The Sensex was trading higher by 68 points, while the Nifty was up 30 points in early trade. The other set of gainers from the Nifty were Bajaj Auto, Dr Reddy's and Hero Motor Corp. Banking stocks like ICICI Bank and Axis Bank continued to make ground.

Shares in Mahindra and Mahindra were trading higher on reports of acquisition of Pipavav Port. Grasim was also trading higher on reports of acquisition of ABCL. The top gainer from the Nifty was Power Grid which rose more than 2 per cent in early trade.

Hindalco was up once again making gains for a second day in a row. PSU banking stocks were also seeing some buying ahead of inflation data that is due later today. Syndicate Bank, however, which reported a good set of results as compared to other PSU banks and which rallied as much as 10 per cent on Wednesday lost 2 per cent in trade.

Meanwhile, markets in Asia were cautious even as talks over the debt in Greece was deadlocked. The Japanese Nikkei, however, jumped in trade while most other markets were trading flat to negative.

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