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Nifty Opens The Week With Smart Gains; Metal Stocks Gain Ground
Markets opened the week on a strong note led by gains in metal and oil marketing company stocks. The Sensex was trading higher by 164 points, while the Nifty was up 48 points in trade.
Shares in Tata Motors was trading higher after the company reported a 4 per cent increase in global sales. Torrent Pharma was trading lower after the company reported results that lagged estimates. Banking stocks, particularly PSU Banking names which had rallied significantly in the last week, gave up some gains and were trading with marginal losses.
Private sector banking shares were absolutely flat in trade. IT stocks were seeing smart gains led by names like Infosys, TCS and HCL Tech.
Coal India and Wipro were the only losers from the Nifty.
Meanwhile, markets across Asia were trading with gains led by the Shanghai Composite and the Taiwan Weighted. Most of the other markets were trading flat with a slight positive bias.
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