Markets open the week with gains; PSU bank shares drop

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Markets opened the day steady in line with Asian markets, which were trading quiet. The Sensex was trading higher by 73 points, while the Nifty gained 20 points at 9.25 am IST.

Among the early gainers in trade were Wipro, Ambuja Cements, Sesa Goa and Tata Power.

 Markets open the week with gains; PSU bank shares drop
Among the early losers in trade were GAIL, BPCL, DLF and Bank of Baroda. PSU banking stocks continued to trade weak with Allahabad Bank, Andhra Bank, IOB and PNB continuing to drop.

Shares of Jindal Polyfilm were down 1.5% following the company decision to buy ExxonMobil Chemical's BOPP film business.

Sesa Goa's shares were trading higher as Q2 net profits rose 407 times to Rs 522 crores on share of profit of Cairn.

United Bank's shares dropped 1.5% following an increase in the non performing assets at the Bank.

Shares in Asia were trading mixed. While the Chinese Shanghai Composite and Hong Kong's Hang Sang were trading lower, the Japanese Nikkei and Taiwan's Taiwan Weighted were trading higher.

Domestically, all eyes are expected on the RBI which will unveil its credit policy on Tuesday. Any decision by the RBI to cut rates would provide a sentimental boost to the markets.

Meanwhile, the US markets are likely to remain closed on Monday and Tuesday due to Hurricane Sandy.

Read more about: sensex, nifty
Story first published: Monday, October 29, 2012, 9:27 [IST]
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