Sensex trades flat a day after Union Budget; Infosys up post results

Commentary

oi-Sunil

By Sunil Fernandes

Published: Friday, July 11, 2014, 9:35 [IST]

The Sensex was trading flat a day after the Union Budget as markets were busy digesting the impact of the Union Budget on individual stocks.

Infosys was up almost 3 per cent in early trade on the back of better than expected results, particularly EBIT margins which came in close to 3 per cent. Other IT stocks like TCS and HCL Tech also moved higher.

Shares in Kotak Mahindra Bank were up after reports that FIIs had permitted buying additional shares in the company.

Tata Motors was up almost 2 per cent after reports that the Jaguar Land Rover maker has registered its strongest ever half-year sales in 2014 selling over 240,000 vehicles.

GMR Infra was up after reports that the company has successfully raised money. Britannia on the other hand gained after reports that the company had successfully monetized land in Chennai.

Banking stocks were having a quiet session in trade with most of the stocks trading marginally higher.

Real estate stocks were leading gainers in morning trade after the Union Budget provided a host of benefits to the sector directly and indirectly. Sobha Developers, Anant Raj, DB Realty, Prestige Estates were all up between 4-6 per cent.

Meanwhile, markets across Asia were trading lower as European and US markets dropped on Thursday over banking worries in Portugal.

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