Markets trade higher; HUL dips sharply

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 Markets trade higher; HUL dips sharply
Markets opened the day higher led by strong gains in HDFC Bank and despite a sharp fall of 6 per cent in the Hindustan Unilever stock. The Sensex was trading higher by 50 points, while the Nifty gained 14 points in trade.

Among the early Nifty gainers in trade were Jindal Steel, Hindalco, ITC, ICICI Bank and State Bank of India.

FMCG major Hindustan Unilever dipped more than 5 per cent after low volume growth and a proposal to increase royalty payments to its parent disappointed investors.

Reliance Industries continued to find buyers and was trading higher even after reports that the oil & gas major shut its eighth well on the main gas fields in KG-D6 block.

Shares of telecom company Reliance Communications was trading higher by 1 per cent ahead of its results to be declared later today.

Polaris Financial dropped more than 4 per cent, after its results disappointed investors.

Oil and gas stocks which have been rallying over the last few trading sessions saw some selling pressure with Indian Oil, ONGC, Indian Oil and HPCL among the losers in trade.

The BSE Realty index, however, saw some strong buying with shares of HDIL, Indiabulls, Prestige Rel Estate and Sobha Developers gaining in trade.

Jaiprakash Associates gained almost 1 per cent after the infrastructure major said it will sell over 2.78 crore shares of the group firm, Jaypee Infratech, through auction route on Thursday.

Meanwhile, markets in Asia were trading mixed with the Japanese Nikkei and the Hong Kong's Hang Sang dropping, while Singapore's Strait Times gained.

Read more about: sensex, nifty
Story first published: Wednesday, January 23, 2013, 9:32 [IST]
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