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Sensex trades lower as oil and gas stocks fall

 Sensex trades lower as oil and gas stocks fall
Markets opened the day lower on the back of a sharp drop in oil and gas stocks after the election commission asked to defer the gas price hike due on April 1.

The Sensex was trading lower by 24 points, while the Nifty lost 2 points in early trade. Among the notable losers were ONGC and Reliance Industries on reports of the proposed delay in gas price hike.

Both the stocks were down 3 per cent each.

Jaiprakash Associates was up 1.4 per cent on reports that the company was planning to sell its cement unit to Dalmia Cement for Rs 1200 crores.

Nifty gainers in trade once again were the banking stocks with HDFC Bank, Yes Bank and Kotak Bank leading the rally.

IT stocks were once again weak in trade with Infosys and TCS among the losers. Maruti Suzuki was up on reports that it was planning to increase the capacity of its hatchback the Celerio.

Metal stocks which had fallen in trade on Monday recovered lost ground and were trading higher. Tata Steel and Sesa Sterlite were among the early gainers.

Mid cap stocks were also trading with gains with Voltas, Crompton Greaves, CESC and Oriental Bank among the early gainers. Meanwhile, Asian markets were trading mixed with the Japanese Nikkei marginally up, while the Hong Kong's Hang Sang and the Singapore Strait Times were trading with losses.

Story first published: Tuesday, March 25, 2014, 9:34 [IST]
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