Markets trade flat; tech stocks lead declines

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Markets trade flat; tech stocks lead declines
Markets opened the day flat and were subdued as technology stocks dragged the indices lower following worries of the new US immigration Bill hurting earnings.

The Sensex was trading marginally higher by 40 points, while the Nifty gained 12 points in early trade. Cement companies were trading higher ahead of their volume numbers. ACC and Ambuja Cements were the top gainers from the cement pack.

ONGC and Reliance continued to register gains witnessed on Friday following the gas price hike.

Among the top losers in trade today were IT stocks, TCS and Infosys, on the back of strengthening rupee and fears of the US Immigration Bill denting margins.

Jindal Steel and Power witnessed gains after reports that it plans to set up the largest steel plant in Oman.

PSU banking stocks saw buying interest after being dumped to 52-week lows. Among the stocks from the sector that rallied were Oriental Bank, Bank of Baroda, Punjab National Bank and Syndicate Bank.

High beta real estate stocks also gained with prominent gainers from the space being HDIL and Unitech.

Private sector banking names like ICICI Bank and HDFC Bank saw some selling pressure in early trade.

Meanwhile, most of the Asian markets were trading with marginal losses.

Read more about: sensex, nifty
Story first published: Monday, July 1, 2013, 9:34 [IST]
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