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Markets open higher; bank stocks rally

 Markets open higher; bank stocks rally
Markets opened the day higher after surging 4.5 per cent last week, as buying in select frontline shares continued. The Sensex was trading higher by 84 points, while the Nifty gained 32 points in early trade.

Shares in Wipro dropped 8 per cent after the company provided a subdued guidance of IT services revenues. The stock was trading at Rs 337.

Other IT stocks like TCS were also trading lower, while Infosys lost 1 per cent. Among the early gainers from the Nifty were Coal India, State Bank of India, HDFC Bank, HDFC, Sun Pharma and Larsen and Toubro.

Heavyweight, Reliance Industries gained after reports that the oil & gas major is in the process of raising close to a billion dollars from leading global financial institutions.

Reliance Communications gained 1 per cent after the company said it is in advanced stage of talks for selling a stake in its enterprise business unit to a consortium of PE funds that includes Samena Capital. The stock was last trading at Rs 87 on the National Stock Exchange.

Tyre major MRF was trading higher after the company reported a jump in its net profits. PSU banks continued to rally on the hopes that RBI would cut rates in its forthcoming policy meeting in early May. Stocks from the sector that gained were Andhra Bank, Oriental Bank of Commerce, Allahabad bank, Bank of India and Bank of Baroda.

Real estate stocks were also trading higher with prominent stocks from the sector including HDIL, Oberoi Realty, Sobha Developers and Parsvnath seeing buying support.

Meanwhile, markets in Asia were trading higher led by strong gains of more then 2 per cent in the Nikkei.

Read more about: sensex nifty
Story first published: Monday, April 22, 2013, 9:29 [IST]
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