Sensex, Nifty open higher; PSU banking stocks bounce back

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Sensex, Nifty open higher; PSU banking stocks bounce back
The Sensex and the Nifty opened the day higher on the back of strong global cues, even as select mid cap and banking stocks which were hammered on Wednesday bounced back in trade. The Sensex was trading with gains of 110 points, while the Nifty was up 30 points in trade.

Leading the set of gainers from the Nifty were ICICI Bank, Lupin and Power Grid Corporation. Shares in Tata Steel sank following a poor set of numbers. The stock was down one per cent in trade. Hindalco on the other hand was trading higher ahead of its results to be declared later today.

Nifty stocks that lost ground in trade were HDFC, Hero Motor Corp and IDFC. Bhel continued to fall for a second day in a row on the back of poor results.

Bhushan Steel continued to be locked at the lower end of the circuit filter with only sellers in the counter. The stock has been hitting the circuit filter for the last several days ever since the announcement of the arrest of its Chairman in a bribery.

ONGC was trading lower as profits of the company missed estimates. The stock was down almost 2 per cent in early trade. Voltas, however, was up 4 per cent on strong Q1 numbers.

Infrastructure stocks continued to trend lower with stocks of Gammon Infra and GMR Infra declining in trade.

Meanwhile, markets in Asia were trading higher on the back of strong global cues. The Japanese Nikkei and the Shanghai Composite were trading in positive territory.

Read more about: sensex, nifty, hindalco, bhel
Story first published: Thursday, August 14, 2014, 9:26 [IST]
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