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Markets open flat; Realty, PSU banks drop

Markets open flat; Realty, PSU banks drop
Indian indices opened the day flat, after a severe carnage in mid caps on Thursday. The Sensex was trading higher by 38 points, while the Nifty gained 4 points in early trade.

PSU banks and realty stocks continued to witness decline with names like HDIL, DLF and Parsvanth dropping from the realty space. PSU banks that lost ground included names like Andhra Bank, Allahabad Bank, Canara Bank, IDBI Bank, Bank of Baroda and Indian Overseas Bank.

Index stocks that gained in trade today were Maruti Suzuki, Tata Motors, Jaiprakash Associates, Asian Paints, HCL Tech and ICICI Bank.

Index losers included IDFC, Tata Power, Coal India, Ranbaxy Labs and Cairn India.

Suzlon Energy rallied 4 per cent after the wind energy company said its lenders, comprising 19 banks have approved its proposal to rejig domestic debt.

Ashok Leyland fell 3 per cent after the commercial vehicle maker's revenue dropped 18 per cent.

HDIL was trading steady after being battered more than 20 per cent in trade on Thursday. Sesa Goa declined 1 per cent after the firm reported 28 per cent decline in consolidated net profit

Shares of HUL were marginally up after declining sharply following disappointing results. Larsen and Toubro was trading higher after CLSA upgraded the stock, following a good set of results.

Meanwhile, major markets in Asia were trading lower with the Chinese Shanghai Composite, Hong Kong's Hang Sang and the Korean Kospi all in the red.

Read more about: sensex nifty
Story first published: Friday, January 25, 2013, 9:35 [IST]
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