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Markets open higher; IT stocks surge

Markets open higher; IT stocks surge
Markets opened the day higher following strong openings across Asian markets and a further surge in the share price of IT stocks led by Infosys. The Sensex was trading higher by 64 points, while the Nifty gained 13 points in early trade.

Infosys which rallied 17 per cent on Friday rallied another two per cent, following upgrades from brokerage houses. Tata Consultancy Services, was trading higher by more than one per cent ahead of its results to be declared after market hours. Other IT stocks that gained included Wipro, HCL Tech, Hexaware and MindTree.

Banks saw some profit booking with Bank of Baroda, Bank of India, Indusind Bank, Yes Bank and Union Bank all falling. However, the larger private sector banks saw some buying, including ICICI Bank and Axis Bank.

PSU bank stocks continued to drift lower after rallying sharply in the last few weeks. Shares of Indian Overseas Bank, Bank of Baroda, Andhra Bank, Allahabad bank, United Bank, UCO Bank and IDBI bank all dropped in trade today.

Shares of ITC, which dropped on Friday recovered and was trading 0.62 per cent higher, while FMCG major Hindustan Unilever continued to decline. HDFC which also came under selling pressure late last gained 0.63 per cent in trade today.

Among non index stocks Arshiya International fell another 10 per cent in trade, after dropping 50 per cent in three trading sessions last week, despite reports that the promoters will monetize their assets to infuse capital into the company.

Shares of Geojit BNP Paribas' jumped more than 4 per cent following a 202 per cent jump in net profits.

Meanwhile, markets in Asia were trading higher with the Shanghai Composite jumping 2.06 per cent, Hang Sang rallying 0.68 per cent and Kospi up 0.35 per cent.

Markets in Japan were closed for trading today.

Read more about: sensex nifty
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