Markets open steady; Tata power surges

Commentary

oi-Sunil

By Sunil Fernandes

Updated: Tuesday, August 28, 2012, 9:33 [IST]

Markets opened the day steady in line with Asian markets, which were trading mixed. The BSE Sensex was trading at 17667.61, down 11 points at 9.25 am IST, while the S&P CNX Nifty was trading lower by 7 points.

Among the early gainers in trade was Tata Power, which was up more than 2%, while other gainers included Infosys Technologies and Maruti Suzuki from the Nifty stocks.

Shares of Alstom gained ground after reports that the company bagged an order from Power Grid Corporation.

Stocks that lost ground in early trade were Bank of Baroda, Wipro and BHEL. IFCI which had lost almost 16% in the last two trading sessions witnessed a further drop in its share price and was trading around the Rs 27 mark, down almost 2%.

PSU banks once again saw selling pressure with Allahabad Bank, Andhra Bank, Bank of India, Oriental Bank, Punjab National Bank and Syndicate Bank, all losing more than 1% in trade today on fears of increase in non performing assets for banks.

There are not many domestic triggers for the markets until Friday, when the 1st Quarter GDP figures would be known. Until then markets are expected to be range bound and track global cues.

GoodReturns.in