Indian Markets Trade Higher As Asian Stocks Gain

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Benchmark indices gained in early trade, as Asian stocks were trading higher amidst hopes that the US would not hike interest rates anytime soon in the US.

Indian Markets Trade Higher As Asian Stocks Gain
US productivity data was lower than expected raising hopes of a delay in interest rate hikes. Strong rally across the European markets also led to a slight increase in stocks across the region.

The Sensex was trading with gains of 44 points, while the Nifty rallied 8 points in trade. Leading the set of gainers were Adani Ports and NTPC. Most of the other Sensex stocks were largely flat in trade.

Mahindra and Mahindra which is set to announce its results later today was marginally up. Lupin, which saw a sharp slump in its share price on Tuesday continued to fall. The company's quarterly numbers lagged estimates.

Motherson Sumi on the other hand was marginally lower, ahead of its results to be declared later today. Banking stocks like most of the markets were rather subdued seeing little direction in early trade.

IT stocks were not having a very good day in trade. MindTree lost 1.2 per cent, while Tech Mahindra, HCL Tech and Infosys were among the other early losers.

Meanwhile, markets across Asia were trading with gains, with the Japanese Nikkei, the Hong Kong's Hang Sang and the Straits Times all higher.

Read more about: sensex, nifty
Story first published: Wednesday, August 10, 2016, 9:29 [IST]
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