Markets open lower; HDFC down again

Commentary

oi-Sunil

By Sunil Fernandes

Published: Friday, June 7, 2013, 9:36 [IST]

Markets opened the day lower once again in trade today on sustained selling in heavyweights like HDFC. The Sensex was trading lower by 65 points, while the Nifty was down 25 points in early trade.

Among the top Nifty losers apart from HDFC were Bank of Baroda, Maruti Suzuki, HDFC Bank, ITC and Ultratech Cement. Among the top gainers in trade from the Nifty stocks were Hero Motor Corp, Infosys and Indusind Bank.

Shares in Mahindra Satyam rallied after Bridgestone Europe extended multi-year IT services pact with the company. Essel Propack also jumped in trade after reports that the company was in talks with PE players to raise Rs 150 crores.

PSU banking stocks continued to see buying support for a second day in a row. Most of the shares from the sector including IDBI Bank, Andhra Bank and Oriental Bank gained in trade.

Realty stocks were having a good session with Sobha Developer jumping almost 4 per cent, while India Bulls and Oberoi Realty were the other gainers in trade.

Pharma stocks which exhibited a weak trend on Thursday saw buying support at lower levels. Among the gainers from the space were Cadilla, Lupin and Sun Pharma.

Claris Life also gained after the company got US FDA approval for generic Levofloxacin injection. Ranbaxy, however, continued to slide after reports that Apollo Pharmacy halted sales of the company's drugs.

Meanwhile, markets in Asia were trading significantly lower with the Hang Sang, Japanese Nikkei down more then 1 per cent.

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