Markets Open Flat As Banking Shares Fall; Asian Markets Trade Weak

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Benchmark indices were trading marginally lower, as Asian cues remained weak, with the Hong Kong's Hang Sang and the Japanese Nikkei, down in trade.

 Markets Open Flat As Banking Shares Fall; Asian Markets Trade Weak
The Sensex was trading with gains of 23 points, while the Nifty was trading with gains of 11 points. Leading the set of early gainers from the Nifty were Coal India, ONGC and NTPC.

PSU banking stocks saw some selling pressure, as investors booked profit, following the completion of the 2-day Gyan Sangam. Canara Bank, Syndicate Bank, State Bank of India and Bank of Baroda saw some selling pressure.

Yes Bank saw some buying support after reports that the hike in FDI limit was cleared by the Board. Larsen and Toubro was seeing some buying support after reports that the company has decided to sell its casting manufacturing unit at Coimbatore to Bradken Limited for Rs 163 crores.

Ajanta Pharma was trading higher after reports that the pharma major has received final approval for its generic version of acute migraine pain relief drug almotriptan malate tablets.

Midcap stocks saw some selling pressure in trade with Just Dial witnessing bouts of volatility once again. The stock was down 10 per cent in trade,

Union Bank and Wockhardt were the other stocks that lost ground in trade. Meanwhile, most of Asia was trading with losses. The rupee opened the day at 67.23 to the US Dollar.

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