Markets Open Higher On Strong Asian Cues; IT Stocks Lead Gainers

Benchmark indices opened the day strong, led by a rally in Asian markets, with the Japanese Nikkei and the Shanghai Composite, both trading higher.

IT Stocks were leading gainers with Infosys, TCS and Wipro all gaining more than 1 per cent each.
Banking stocks were subdued, ahead of next week's RBI policy. Bank of Baroda and saw a mild reaction to its stock price, after the stock saw a downgrade of its tier II bonds to AA from AAA.

GMR Infrastructure saw some buying interest after reports that one of its group firms have entered into an agreement with its partners to divest 51 per cent stake in a stake in its Karnataka joint venture.

Nifty losers in trade were Vedanta, Lupin, HDFC, Bosch and Cairn India. Tata Motors was down despite reports that the company has won a follow-on contract from the Indian Army to supply 619 units of its high-mobility vehicle (HMV) 6X6 multi-axle truck.

Meanwhile, most Asian markets were trading higher, the rupee opened at 66.90 to the US dollar.

GoodReturns.in