Sensex opens flat in trade; banks stocks continue to rally

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Sensex opens flat in trade; banks stocks continue to rally
The Sensex and the Nifty opened flat in trade, even as banking stocks continued to rally. The Sensex was trading higher by 60 points, while the Nifty rallied 12 points in trade.

Banking stocks that gained ground in early trade were ICICI Bank, Punjab National Bank, Union Bank of India, Yes Bank and Syndicate Bank.

Investors continued to sell technology stocks once again with Tata Consultancy Services and Infosys weak in early trade.
Reliance was trading marginally lower after reports of notices being sent to the company for hoarding gas. Sun Pharma was trading lower after reports of drug recall from the US.

Glaxo Smithkline Pharma was trading higher after the parent company increased its stake in its domestic company. Larsen and Toubro which has had a spectacular run in the last few trading sessions continued to trade higher.

Realty stocks which rallied significantly on Monday continue to trade with gains in early morning trade. Among the notable gainers were Sobha Developers, Godrej Properties and Mumbai based HDIL.

Mid cap stocks were also having a good run in trade with notable gainers being Karnataka Bank, Tata Chemicals, Reliance Infrastructure and IDBI Bank.

FMCG stocks were subdued in trade with ITC falling marginally, while HUL was trading higher.
Meanwhile, markets across Asia were trading with strong gains led by markets in Singapore, Indonesia and Japan.

Story first published: Tuesday, March 11, 2014, 9:41 [IST]
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