Markets Open Higher: Tata Steel Plunges Post Results

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, February 5, 2016, 9:31 [IST]

Benchmark indices opened the day flat in line with most Asian markets, which were trading marginally higher.

US markets also ended the day marginally higher on Thursday, which led to a slight uptick in most Asian markets. The Sensex was trading with gains of 46 points, while the Nifty was up 12 points in trade. Leading the set of gainers were stocks like Dr Reddy's and Tata Motors.

Tata Steel led declines with the stock down almost 3 per cent after the company reported a huge net loss of Rs 2127 crores.

Shares in MCX also dropped after its results did not meet street expectations. Banking stocks like ICICI Bank and State Bank which were hammered to 52-week lows on Thursday, saw some buying support emerge. ICICI Bank was up 1 per cent, while Axis Bank was up near 2 per cent.

IT Stocks were steady in early trade, though Infosys was seeing early selling pressure. Midcap stocks were also seeing some buying interest with Jindal Steel rallying a good 5 per cent, while Reliance Infra was the other gainer in trade.

Torrent Pharma was up after the company reported an increase in net profit. Meanwhile, markets across Asia were trading higher led by gains in the Hang Sang and the Strait Times.

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