Sensex, Nifty trade higher; PSU banking stocks rally in early trade

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The Sensex and the Nifty opened the day higher on the back of strong global cues, with PSU banking stocks continuing to find favor among investors.

The Sensex was trading higher by 10 points, while the Nifty gained 2 point in early trade. Among the early gainers were once again stocks of public sector enterprises including Bharat Heavy Electricals, NTPC and ONGC.

PSU banking stocks which have been rallying for the last several trading sessions continued to grind higher. Notable winners being Punjab National Bank, Oriental Bank and Canara Bank.

Mid cap stocks which have been in the limelight continued to see buying interest with Crompton Greaves and GMR Infra among the gainers.

Tata Motors which reported a disappointing set of Q4 numbers was trading lower by 2 per cent in trade.

Bharti Airtel was up almost 3 per cent after the company announced it is offering 3G services to customers in Punjab through an intra-circle roaming agreement with Idea Cellular.

Today's Nifty losers in trade were Axis Bank, HDFC Bank, ICICI Bank and Hero Motor Corp. Most of the private sector banking stocks declined in trade.

Realty stocks which have seen buying interest in the last few weeks continued to gain. IndiaBulls Housing, Unitech and Anant Raj were among the gainers.

Infosys which had declined 7 per cent on Thursday was trading flat today.

Meanwhile, markets across Asia were trading lower. The Taiwan Weighted, the Indonesian Jakarta Composite and the Singapore's Strait Times were all down in trade.

Read more about: sensex, nifty
Story first published: Friday, May 30, 2014, 9:48 [IST]
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