Sensex, Nifty open higher on strong global cues

Commentary

oi-Sunil

By Sunil Fernandes

Published: Thursday, May 8, 2014, 9:33 [IST]

The Sensex and the Nifty opened the day higher on the back of strong global cues with most of the Asian markets trading higher. Among the stocks that gained in early trade were metal names like Hindalco, Tata Steel and Jindal Steel.

Banking stocks also saw some buying interest with notable gainers being Bank of Baroda, Bank of India and Punjab National Bank. However, ICICI Bank and IndusInd Bank were trading marginally lower.

Shares of Jignesh Shah promoted MCX and Financial Technologies both dropped 5 per cent, after reports of the arrest of Jignesh Shah.

Shares of ONGC were in the limelight after the company said that it plans to drill a record 130 wells at its prime Mumbai

High oil and gas fields. Syndicate Bank which had fallen sharply in trade on Wednesday following disappointing results was trading higher.

Mid cap stocks were once again having a good run with the likes of India Cements, Voltas and UPL among the gainers.

IT stocks which were hammered on Wednesday saw some recovery in their share prices. TCS, Infosys and HCL Tech were trading with gains. However, Wipro continued to head lower.

Real estate stocks also saw some buying interest with notable gainers from the space being Indiabulls, Unitech and HDIL.

Meanwhile, markets across Asia were trading with gains with notable winners being the Shanghai Composite which was up more than one per cent and the Japanese Nikkei which was also up 1.55 per cent.

GoodReturns.in