Markets trade higher after 2 days of huge losses

Commentary

oi-Sunil

By Sunil Fernandes

Published: Tuesday, June 4, 2013, 9:34 [IST]

Markets were trading higher in early trade, after 2 days of huge losses in which the Nifty lost almost 200 points. The Sensex was trading higher by 45 points, while the Nifty was trading higher by 17 points.

Among the early gainers in trade were Hindalco, Hero Motor Corp, Lupin and HDFC. Wipro gained more then 1 per cent on reports that it bought a minority stake in Axeda Corp for USD 5 million.

Pharma major Ranbaxy which has been dropping in the last few trading sessions continued to fall lower on reports that the company and others may face European Union fine for delaying drug launch.

Auto stocks which were hammered in trade on Monday saw some buying support with Mahindra and Mahindra and Maruti among the gainers.

Infosys which had rallied sharply on Monday following the re-appointment of Narayana Murthy as Chairman lost ground and was trading 1.45 per cent lower.

Other Nifty losers included TCS, Tata Motors and HDFC. Shares from the Midcaps were also trading higher with notable gainers including Allahabad Bank, Bata India and Karnataka Bank.

PSU Banks were having a good day in trade with most of the banks witnessing good gains. Stocks from the sector that were trading with gains were Bank of Baroda, Bank of India, Canara Bank, Union Bank and Indian Overseas Bank.

Realty stocks that were trading higher included DB Realty, HDIL and Parsvnath.

Meanwhile, Asian markets were mostly trading with losses, except the Japanese Nikkei which was trading with gains.

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