Sensex Trades Flat; Banking Stocks Take A Breather

Benchmark indices opened the day flat, after a solid rally in the last few weeks, which has pushed the indices closer to the 28,000 mark.

Banking stocks saw some selling pressure with stocks like IndusInd Bank, Yes Bank, and Canara Bank falling. Andhra Bank was trading lower after going ex dividend.

Shares in Oil and Natural Gas Corporation surged after a sharp spike in crude oil prices. ICICI Bank continued to power ahead for the third straight day on hopes that the IPO from ICICI Prudential would lead to fresh capital infusion in the company.

Vedanta and Tata Steel were the other gainers in trade. Ruchi Soya fell as much as 5 per cent after reports that creditors had filed a winding-up petition in the high court .

IDFC Bank was trading higher after reports that the bank had acquired acquisition of Grama Vidiyal Microfinance, a Trichy-based Microfinance company.

Meanwhile, the rupee opened steady at 67.12 to the US dollar.

GoodReturns.in