Sensex Trades Lower On Profit Booking; Asian Markets Strong

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After the stupendous rally on Monday, global markets were quiet and the Sensex too was trading steady with gains of 69 points, while the Nifty was up 17 points in trade.

Shares in ICICI Bank were trading higher after the bank said that it plans to raise Rs 50,000 crore from affordable housing funding and infrastructure projects.

Sensex Trades Lower On Profit Booking; Asian Markets Strong
Banking stocks which saw a huge rally on Monday continued to edge higher. State Bank of India, Punjab National Bank, Canara bank and Bank of India were all trading higher in early trade.

Allcargo Logistics saw some early buying support after its results beat estimates. The stock was up nearly 2 per cent in trade.

Shares in ONGC rallied after a bounce in crude prices. The stock was up 2 per cent in trade and was the leading Nifty gainer.

Other Nifty stocks that gained were Tata Power and Cipla. Bank of Baroda which saw a near 22 per cent rally on Monday dropped 2 per cent in trade.

Cairn India also saw a bounce in trade after a crude price rally. Ramky Infrastructure gained ground after its losses narrowed.

Midcap stocks were trading absolutely flat, though select stocks like Voltas, Star and Wockhardt Pharma lost ground.

Meanwhile, most of the Asian markets were trading with solid gains. The Japanese Nikkei continued to rally and was up another 1.36 per cent, while the Shanghai Composite was up almost 3 per cent.

GoodReturns.in

Read more about: sensex, nifty
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