Markets open flat ahead of earnings season

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Markets open flat ahead of earnings season
Markets opened the day flat ahead of the earnings season to kick-off on Friday with the results of IT major, Infosys Technologies.

The Sensex was trading marginally higher by 32 points, while the Nifty was trading with gains of 6 points. .

The Infosys stock was trading marginally higher ahead of its results on Friday. The stock had dropped for most of the week, as investors worried that the price of the stock may have run up way ahead of expectations.

Other stocks that gained in trade were NTPC, Coal India and Sesa Sterlite. Maruti Suzuki continued to ride higher on reports that parent company Suzuki could hike a stake in the company.

Nifty stocks that fell in trade were Tata Motors and Hindalco.

Gold loan finance company stocks were in the limelight with Muthoot and Manappuram Finance both rallying 20 per cent after the RBI hiked the loan to value ratio for gold loans from 60 per cent to 75 per cent.

Banking stocks were trading firm with ICICI Bank, Canara Bank and Punjab National Bank among the gainers.

Mid cap stocks were also trading higher in line with the broad markets. However, Jubilant Foodworks fell after the RBI restricted buying in the scrip by foreign institutional investors.

Real estate stocks were trading higher with DLF and DB Realty rallying. In fact, DB Realty gained more then 7 per cent in trade.

Meanwhile, most of the Asian markets were trading with gains with the Shanghai Composite and the Jakarta Composite among the gainers.

Story first published: Thursday, January 9, 2014, 9:30 [IST]
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