Sensex, Nifty open higher; Banking stocks rally

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Sensex, Nifty open higher; Banking stocks rally
The Sensex and the Nifty opened the day higher with banking stocks leading the rally in trade. The Sensex was trading higher by 146 points, while the Nifty rallied 40 points in trade.

ICICI Bank gained more than one per cent, while Yes Bank was the other notable gainer in trade. Shares in telecom stocks like Bharti and Idea gained ground after the service providers resumed 3G arrangement services across each other's network.

Shares in United Bank rallied seven per cent after the company reported a sharp turnaround in profits and a good quarterly performance.

Canara Bank which also reported a good set of Q4 numbers on Monday was trading marginally lower after rallying substantially on Monday.

Mid cap stocks were having a good session in trade with notable winners being CESC, Power Finance and IFCI.

Nifty stocks that lost ground in trade today were Hero Motor Corp, Jindal Steel and Bajaj Auto. Software stocks were also trading weak with TCS and HCL Tech dropping. In fact, HCL Tech continued its decline for the second straight day.
PSU Banking stocks were in the limelight following a stellar set of results from United Bank. Stocks that were trading higher included Andhra Bank, State Bank of India, Punjab National Bank and Bank of Baroda.

Markets across Asia were trading higher with gains noted in the Shanghai Composite and the Taiwan Weighted.

Meanwhile, markets in the US closed higher on the back of strong economic data.

Story first published: Tuesday, May 6, 2014, 9:44 [IST]
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