Markets open flat; TCS, HCL Tech drop post results

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 Markets open flat; TCS, HCL Tech drop post results
Markets opened the day higher, and were trading flat, as stocks from the IT sector dropped following results by TCS and Infosys.

The Sensex was trading higher by 32 points, while the Nifty gained 7 points in early trade. TCS dropped more then 1 per cent in trade, while Infosys shed 0.5% and HCL Tech was trading flat.

Other notable losers from the Nifty were Larsen and Toubro and ACC.

Banking stocks were once again having a weak session with notable losers from the space being Axis Bank, Bank of India, Canara Bank, ICICI Bank and IndusInd Bank.

Top Nifty gainers in trade today were Bajaj Auto, Lupin Labs, Ranbaxy Labs, HDFC, Asian Paints and Hindustan Unilever. Metal stocks continued to trend higher with gainers from the space being Hindustan Zinc, Steel Authority of India, NMDC, Tata Steel, Sesa Sterlite and JSW Steel.

Mid Cap stocks were also having a good session in trade with notable gainers being MRF and Voltas. Infrastructure stocks were weak in trade today with notable losers being Larsen and Toubro, PTC and Bharat Heavy Electricals Ltd.

Axis Bank which is slated to declare its results later today was trading weak. HDFC Bank on the other hand which reported Q2 numbers in line with expectations was trading marginally higher.

Meanwhile, markets in Asia were all trading higher, following a deal to raise the US Debt limit being sealed. The US Market rallied strongly following the passage of the US debt deal in the US Congress.

Story first published: Thursday, October 17, 2013, 9:38 [IST]
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