Sensex, Nifty trade higher; Tata Power rallies

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    Sensex, Nifty trade higher; Tata Power rallies
    The Sensex and the Nifty opened the day higher and were trading with marginal gains. The Sensex was trading higher  by 38 points, while the Nifty was trading with gains of 9 points.

    Shares in Unitech dropped after reports of a CBI investigation into land deal between Unitech and Tata Realty.

    Other early Nifty losers in trade were Infosys, ITC and Sun Pharma. Shares in PSU banking stocks continued to be under pressure. IDBI Bank dropped after reports that the company was making Kingfisher Airlines as a wilful defaulter.

    Other PSU banks that were weak in trade included the likes of Andhra Bank and Bank of Baroda. Hindustan Unilever, Lupin and ICICI Bank were among the early gainers in trade.

    Shares in Canara Bank were marginally up after the bank said that it aims cash recovery of Rs 6,500 crore this fiscal which may result in lowering of non-performing assets.

    Shares in Cipla dropped after the company reported lower than expected profits. The stock was down 0.5 per cent in early trade.

    Mid cap stocks also gained in trade with Jubilant Foodworks, Voltas and UPL among the early gainers.

    Meanwhile, markets in Asia were trading with gains led by the Japanese Nikkei and the Shanghai Composite.

    Read more about: sensex nifty
    Story first published: Monday, August 18, 2014, 9:36 [IST]
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