Indian stock markets opened marginally higher, even as Asian markets fell, following weak data from China and Japan. In fact, Chinese markets fell 1.5 per cent, following data that showed Industrial profits falling for Oct.
Early Sensex gainers were L&T, Cipla and Axis Bank. IT stocks were in the limelight as the rupee fell sharply to 66.68 against the US dollar. Shares in Infosys, TCS and Tech Mahindra were the early gainers from the space.
Coal India was in the limelight following reports that the government has shortlisted bankers for its stake sale in the company. FMCG major, Hindustan Unilever, saw some selling pressure following reports of weak demand for FMCG products in rural areas, hitting by poor monsoons.
Hero Motor Corp, Idea Cellular and Wipro were the other Nifty stocks that lost ground in trade. Mid cap stocks were trading higher with the index up almost half per cent. India Cements and GMR Infra were among the gainers from the space. SKS Micro surged almost 3 per cent in early trade.
Meanwhile, markets across Asia were trading deep in the red. The Shanghai Composite and the Japanese Nikkei were the biggest losers.