Markets open higher; Banking stocks gain

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Markets open higher; Banking stocks gain
Markets opened the day higher on strong closing in the US and strength in Asian equities. The Sensex was trading higher by 72 points, while the Nifty gained 17 points in trade today led by strong buying in banking stocks.

Idea Cellular which reported numbers after market hours on Tuesday came in for selling pressure following a disappointing set of numbers. The stock dropped 1.1 per cent in early trade.

Banking stocks, which got sold in late trade on Tuesday after the monetary policy review by the RBI recovered lost ground. HDFC Bank, ICICI Bank and Axis Bank were all trading higher. PSU banks also saw buying interest with Bank of Baroda, IDBI Bank, Punjab National Bank and State Bank of India trading with gains.

Rate sensitives like realty and auto were trading higher. From the realty space stocks that gained were Anant Raj Industries, Unitech, Indiabulls, Parsvnath and Oberoi Realty.

Shares of Crompton Greaves slumped more than 6 per cent after the company reported a loss for the third quarter against a profit quarter on quarter.

Oil India was trading marginally higher after reports of a stake sale in the company. Metal stocks were also in the limelight today with prominent gainers from the space including Sterlite Industries, Tata Steel, Sesa Goa and Sail.

Shares of Indian Overseas Bank and Godrej Properties were steady ahead of their results to be declared later today.

Meanwhile, markets across Asia were trading with gains. The Hong Kong's Hang Sang, the Korean Kospi, Singapore's Strait Times and the Shanghai Composite were all trading higher.

Read more about: sensex, nifty
Story first published: Wednesday, January 30, 2013, 9:31 [IST]
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