Sensex, Nifty open marginally higher; metals stocks gain

Commentary

oi-Sunil

By Sunil Fernandes

Published: Wednesday, June 4, 2014, 9:29 [IST]

After closing at a record high, the Sensex and the Nifty once again opened the day marginally higher on buying in select heavyweight counters.

The Sensex was trading higher by 60 points, while the Nifty was up 14 points in early trade. Early Nifty losers in trade were Tata Power, Reliance, Kotak Mahindra Bank, HCL Tech and Dr Reddy's.

Select infra stocks like Gammon Infra, NCC and GMR Infra continued to find buyers at lower levels.
Shares in Wockhardt fell after the company's ongoing woes with the US FDA continued. The stock was down almost 3 per cent per cent in trade. JSW Steel was trading higher after reports that it has identified mines to bid for in auction for these mines in Karnataka.

Tata Motors was trading higher after its JLR sales remained quite upbeat in the US. JK Lakshmi Cement on the other hand gained ground after reports that the company's manufacturing facility at Durg in Chhattisgarh will start production by the October-December quarter.

Select mid cap stocks continued to see buying interest with gainers including Hindustan Zinc, Biocon and IFCI.

Real estate stocks which had rallied on Tuesday on reports of tax breaks for real estate investment trusts, continued to trend higher. Notable gainers were DB Realty, Oberoi Realty and Unitech.

Meanwhile, markets across Asia were trading weak with the Hong Kong's Hang Sang, the Chinese Shanghai Composite and the Singapore's Strait Times all down in trade.

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