Sensex, Nifty Trade Marginally Lower; IT Stocks Weak

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Markets opened the day weak in trade led by losses in private sector banks after 7 days of stellar rally. The Sensex was trading lower by 48 points, while the Nifty was lower by 14 points in trade.

Sensex, Nifty Trade Marginally Lower; IT Stocks Weak
Leading the set of losers were private sector banking stocks like Axis Bank and ICICI Bank. However, government owned banking stocks continued to rally on hopes of capital infusion in these banks. Union Bank, Bank of Baroda, Punjab National Bank and Bank of India were among the gainers.

Shares in Larsen and Toubro were trading firm after reports that it was going to list its infotech arm. Reliance Industries was once again trading firm after reports that Reliance Jio (arm of Reliance Ind) gets provisional nod from government for TV content distribution.

Sun TV was down a huge 6 per cent after reports in the Economic Times that the PMO has found more merit in MHA argument to deny the company renewal of licences.

The mid cap index was also trading flat in line with the markets with GSPL, Glenmark and Havells among the gainers.

Meanwhile, markets across Asia were trading with good gains following hopes of a settlement of Greece debt woes.

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