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Markets trade marginally lower; IDFC surges 5% on banking license

 Markets trade marginally lower; IDFC surges 5% on banking license
Markets opened the day higher, but were trading with marginal losses after hitting another new record high on Wednesday. The Sensex was trading with gains of 3 points, while the Nifty was lower by 2 points in early trade.

Shares in IDFC rallied 5 per cent, after the company received an in-principle nod for a banking license. Other notable winners were Sun Pharma and Sesa Sterlite.

Notable losers from the Nifty were Punjab National Bank and Bank of Baroda. Most of the other private sector banking stocks also dropped in trade with notable losers being Yes Bank and IndusInd Bank.

The only winner from the private sector banking space was HDFC Bank. Wockhardt which rallied as much as 20 per cent on Wednesday gained another 9 per cent in trade today.

Shares in L&T Finance Holdings plunged as much as 8 per cent after the company failed to get a banking license. LIC housing also dropped as much as 4 per cent, after the company failed to receive a banking license.

IT stocks were subdued in trade with Tata Consultancy Services, Wipro and HCL Tech trading little changed over Wednesday's levels.

Mid cap stocks were also not having a good day in trade with shares of IFCI falling 7 per cent, after the company failed to get a banking license. JSW Energy and Karnataka Bank were the other mid cap stocks that lost ground in trade today.

Meanwhile, most of Asia was trading with gains led by the Japanese Nikkei and the Jakarta Composite.

Story first published: Thursday, April 3, 2014, 9:38 [IST]
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