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Sensex, Nifty open higher; metal stocks rally on strong data from China
The Sensex was trading with gains of 117 points, while the Nifty rallied 27 points in trade. Metal stocks that gained in trade were Hindalco which was up 4 per cent, while other notable winners were Tata Steel, Sesa Sterlite and NMDC.
Reliance Industries was trading higher after reports that the company may differ investments in exploration if the government does not hike gas prices.
Oil marketing companies like HPCL and BPCL were trading higher after the companies announced a hike in petrol prices from July 1 onwards.
Shares in Havells India were up after reports that the company would further divide its shares to face value of Re 1 from the current face value of Rs 5.
Shares in real estate developer Anant Raj jumped after reports that the company would exit the hospitality business and focus on its core real estate business. The stock was up 4 per cent in trade.
Mid cap stocks that lost ground in trade today were Siemens and Tata Global Beverages. Software stocks were exhibiting a weakish trend in trade were TCS, Wipro and HCL Tech.
Meanwhile, markets in Asia continued to remain subdued despite strong PMI data from China. The only exception was the Japanese Nikkei which rallied more than one per cent in trade.
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