Markets open higher; HCL Tech surges

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Markets open higher; HCL Tech surges
Markets surged in opening trade following strong overnight closings in Europe and the US. The Sensex was trading higher by 80 points at 18658 points, while the S&P CNX Nifty gained 26 points.

Among the early gainers in trade today was HCL Technologies, which jumped almost 2%, following a spectacular set of results. Other gainers from the Nifty included Jaiprakash Associates, IDFC and Reliance Infrastructure.

Shares of MindTree dropped more than 2%, as the results of the company failed to meet expectations. Infrastructure players GVK and GMR both fell after the Union Civil Aviation minister Ajit Singh directed the airport regulator to abolish ADF from January 2013 and in turn infuse equity into the two airports - DIAL and MIAL managed by GMR Group and the GVK group.

Banking stocks witnessed a subdued trend with HDFC Bank declining, while ICICI Bank and State Bank of India were trading flat. Heavyweight Reliance Industries gained marginally by 0.34% in early trade.

Jaiprakash Associates gained after reports that the AV Birla Group has revived negotiations to buy JP Associates cement plans in Gujarat and Andhra Pradesh.

Meanwhile, markets in Asia were trading significantly higher with the Japanese Nikkei and the Hong Kong's Hang Sang trading more than 1% higher. Markets are expected to remain range bound and track global peers going forward.

Read more about: sensex, nifty
Story first published: Wednesday, October 17, 2012, 9:29 [IST]
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