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Markets open lower on weak global cues; bank stocks fall


Markets open lower on weak global cues; bank stocks fall
Markets opened the day lower on weak global cues and falling rupee which pushed indices lower in opening trades.

High CPI inflation and lower IIP data also saw selling pressure which pushed the Nifty lower by 13 points and the Sensex lower by 30 points.


Banking stocks were the worst performers in trade today as bond yields continued to rise, resulting in a fall in bond prices. Among the banking stocks that fell were Punjab National Bank, Union Bank, IndusInd Bank and ICICI Bank.

State Bank of India was also trading lower ahead of its results to be declared later today. Software stocks continued to rally on the back of a falling rupee. Among the stocks that gained from the sector were Infosys, Tata Consultancy Services and HCL Tech.

Mid Cap stocks were not having a good day in trade today with the mid cap index losing ground. Among the stocks from the space that declined were HPCL, CESC and Reliance Capital.

Divis Labs continued to gain for a second day in a row on value buying in the stock. Hexaware and Havells India were the other gainers from the mid cap space.

Hindalco which reported its results on Tuesday continued to see selling pressure. The stock has now dropped for 2 days in a row following its results.

Canara Bank which reported a good drop in its non performing asset numbers on Tuesday lost ground. The stock had rallied on Tuesday, but came in for some selling pressure today.

Meanwhile, markets in Asia were trading lower with the Jakarta Composite dropping 1.6 per cent and the Hong Kong;s Hang Sang falling more then 1 per cent.

Story first published: Wednesday, November 13, 2013, 9:32 [IST]
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