Sensex, Nifty trade strong as global markets stage a smart rally

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The Sensex and the Nifty opened the day strong as global markets staged a smart rally. The Sensex was trading higher by 177 points, while the Nifty rallied 54 points in trade.

Leading the set of gainers from the Nifty was Hero Motor Corp which rallied a huge three per cent in trade. Other stocks that gained ground were Larsen and Maruti Suzuki. Kotak Mahindra Bank was trading higher ahead of its results to be declared later today.

Punjab National Bank which reported a poor set of results for the quarter ending June 30, 2014 continued to trade lower for the second day after its results. The stock was down one per cent in trade.

Sensex, Nifty trade strong as global markets stage a smart rally
Other PSU banks like IDBI Bank and Canara Bank also showed some signs of weakness. Biocon which reported numbers that lagged estimates saw its stock price decline.

Shares in Financial Technologies was down 2 per cent after the government ordered Financial Technologies to fully absorb its defunct unit NSEL and assume the outstanding liabilities of the bourse.

Today's Nifty losers in trade were Coal India, DLF and ICICI Bank.

Meanwhile, markets across Asia were trading higher following higher closings in the US. Hopes of a fresh stimulus in Europe lifted markets higher.

Read more about: sensex, nifty, coal india, icici bank
Story first published: Wednesday, October 22, 2014, 10:04 [IST]
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