Markets open higher on strong global cues

Commentary

oi-Sunil

By Sunil Fernandes

Published: Monday, August 26, 2013, 9:36 [IST]

Markets opened the day higher on the back of strong global cues with most of the Asian markets trading higher. Weak home sales data in the US pushed global stock prices higher on hopes that the Fed would delay its stimulus tapering measures in the US.

The Sensex was trading higher by 110 points, while the Nifty rallied 30 points in trade. Among the top gainers in trade were Sesa Goa which rallied almost 4 per cent, while Bharti Airtel, Bhel, IndusInd Bank and ACC were the other gainers in trade.

Top Nifty stocks that lost ground in trade were Tata Consultancy Services, HCL Tech, IDFC and ONGC.

Banking stocks continued to gain momentum with notable gainers being Union Bank, Axis Bank, Kotak Bank and IndusInd Bank from the Bank Nifty.

FMCG stocks were trading steady with ITC and Hindustan Unilever, both flat in early trade. ONGC was trading weak despite its subsidiary acquiring a 10 per cent stake in its Mozambique block. IDFC also lost some ground after decrease in foreign institutional investment (FII) limit in infrastructure finance company was notified.

The realty index was trading with good gains of more then 1.51 per cent on buying in stocks like Oberoi Realty, DB Realty and Unitech. All of these stocks were up more then 2 per cent in early trade.

Infrastructure major Larsen and Toubro also saw some buying in early trade and the stock was up 1.7 per cent.

Meanwhile, most of the Asian markets were trading higher led by strong gains in the Chinese Shanghai Composite and Korean Kospi.

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