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Markets trade flat; TCS drops after Q4 results

 Markets trade flat; TCS drops after Q4 results
Markets opened the day with a slight positive bias in line with most Asian markets which were trading subdued, following a sell-off in the US markets.

The Sensex was trading higher by 48 points, while the Nifty gained 10 points in early trade today. Among the losers in trade today were some of the private sector banks, including HDFC Bank and ICICI Bank and Axis Bank after reports that RBI has detected systemic failure during an investigation

carried out after a Cobrapost sting on the three banks.

TCS which opened the day higher after the company reported a Profit After Tax (PAT) of Rs 3597 crore, dropped in trade.

Tata Steel was marginally lower in trade after global rating agency Moody's said outlook for the steel major remains negative as its Indian operations are facing pressure on margins due to slower growth in the domestic economy.

PSU banking stocks saw some selling pressure in early trade with State Bank of India, Allahabad Bank, Union Bank of India and Bank of India all falling.

Realty stocks on the other hand saw some buying support with gainers from the space including Unitech, Sobha Developers and Oberoi Realty.

Nifty losers in trade today were Hero Motor Corp, Hindalco and Cipla. Mid cap stocks which have plunged over the last few months saw some buying at lower levels with prominent gainers from the space being Hindustan Zinc, IDBI Bank and Godrej Properties.

Meanwhile, markets in Asia were trading with losses with the Hong Kong's Hang Sang and the Japanese Nikkei trading lower.

Read more about: sensex nifty
Story first published: Thursday, April 18, 2013, 9:37 [IST]
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