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Markets open flat in early trade


 Markets open flat in early trade
Markets opened the day flat in early trade as Asia witnessed a quiet session of trade in the absence of any major cues. The Sensex was trading 13 points higher at 20, 458 points, while the Nifty gained 1 point.

FMCG stocks which had witnessed some selling pressure in the last few weeks managed to see some buying interest with ITC and Hindustan Unilever among the early gainers.

Other Nifty stocks that gained ground were Tata Motors and ONGC. Heavyweight, Reliance Industries was up modestly in trade.

Nifty losers on the other hand were Sesa Sterlite, Sun Pharma and Bharti Airtel.

PSU banking stocks which saw a sharp sell off in trade on Tuesday were trading flat in line with the broad markets. Canara Bank which was down sharply on Monday recovered trading higher by 0.50 per cent, while Punjab National Bank, Oriental Bank and Union Bank dropped in early trade.

Mid cap stocks began the day well with the mid cap index edging higher following gains in several stocks including JSW Energy, Bharat Forge and Reliance Communications.

Stocks from the information technology pack were trading flat following gains in the rupee. Pharma major Wockhardt saw its shares slump 8 per cent, following a US FDA import alert at one of its plants.

Meanwhile, markets across Asia were having a quiet day in trade with the Hong Kong and the Chinese Shanghai Composite gaining ground while most other markets were trading with marginal losses.

Story first published: Wednesday, November 27, 2013, 9:36 [IST]
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