Sensex, Nifty open higher on strong Asian cues

Published: Monday, August 4, 2014, 9:28 [IST]

Indices

The Sensex and the Nifty opened the day higher on the back of strong global cues. The Sensex was trading higher by 137 points, while the Nifty rallied 43 points in trade.

Leading the set of gainers from the Sensex was ICICI Bank, which rallied 1.3 per cent and was trading close to the Rs 1500 mark. Other notable winners in trade were Cipla, Bharti Airtel and Axis Bank.

Shares in Syndicate Bank fell sharply after reports that the Police had arrested the Chairman over allegations of taking bribes to grant loan extensions to a company.

Shares in Raymond were trading higher on reports that Gautam Singhania is in talks with private equity heavyweights, including KKR, General Atlantic and Temasek, to sell a significant minority stake in the textile-to-apparel maker. The stock was up almost 5 per cent in trade.

The only Sensex loser in trade was Mahindra and Mahindra. Small and mid sized PSU banking stocks like Andhra Bank and Bank of Maharashtra dropped after their results did not match expectations.

The only other mid cap stocks that lost ground in trade was Havells India. Stocks like Petronet LNG, HPCL and Reliance Communications was in the limelight in trade.

Realty stocks also saw some traction with notable winners being DB Realty, Unitech and HDIL. Meanwhile, most of the other Asian markets were trading higher with the Japanese Nikkei and the Shanghai Composite the prominent ones.

Goodreturns.in

Story first published: Monday, August 4, 2014, 9:28 [IST]