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Sensex Opens Higher On China Rate Cut, Strong Global Cues
The Sensex and the Nifty opened the day higher on the back of strong global cues, including an interest rate cut from China.
Banking stocks were up for a second day in a row with stocks like ICICI bank and Axis Bank leading gainers.
PSU Banking stocks also saw some buying interest with Oriental Bank, State Bank and Canara Bank among the early gainers.
Syndicate which reported numbers that me expectations was trading higher. Bank of Baroda was also trading higher ahead of its results to be declared later today.
IT stocks were having a mixed session in trade. While HCL Tech and TCS saw some buying support, Infosys was trading marginally lower.
Hindustan Unilever which reported a good set of results saw some selling pressure in early trade. Steel Authority of India after reports that SAIL & NMDC will set up 3 mt steel plant in Chhattisgarh.
The mid cap index was seeing good buying interest and was up one per cent.
Meanwhile, markets across Asia were trading with gains after an interest rate cut from China.
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