Sensex Gains After A 3-Day Drop; Banking Stocks Recover

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Benchmark indices gained ground in trade led by buying in heavyweight banking stocks, following a 3-day drop. The Sensex gained 101 points, while the Nifty gained 21 points in early trade. Most of Asia was trading subdued with the Shanghai Composite and the Hang Sang marginally down.

Sensex Gains After A 3-Day Drop; Banking Stocks Recover
Cues from US and Europe were weak, with major indices in those regions closing lower. Among the gainers in early trade were those from the banking sector led by Bank of Baroda, Kotak Bank and HDFC Bank.

However, ICICI Bank was flat in early trade.

Stocks that lost ground in early trade were ITC and Adani Ports. Hero Motor Corp and Eicher Motors were both trading with gains ahead of their results to be declared later today.

Ricoh India was locked at the lower end of the circuit filter after BSE issued a notice to the company, seeking an explanation for failing to adhere to the listing agreement and gave it 21 days to respond.

Sun Pharma was the top gainer from the Nifty and was up 2 per cent in trade. Midcap stocks were trading flat, though select stocks like JustDial and Voltas were among the losers in early trade.

Meanwhile, the rupee was trading at 66.65 to the US Dollar in early trade. Check currency rates here

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Read more about: sensex, nifty, icici bank, hdfc bank
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