Sensex Opens Higher; Banking Stocks Gain

Business

oi-Sunil Fernandes

By Sunil Fernandes

Published: Monday, October 10, 2016, 9:34 [IST]

Benchmark indices opened the day higher, even as Asian markets were mixed, as the US Presidential debate continued.

Markets will digest a weak US jobs data and also the weaker chances of US Presidential candidate Donald Trump becoming US president.

The Sensex was trading with gains of 29 points, while the Nifty was up 100 points in trade.

Leading the gainers on the exchange were stocks from the banking sector including the likes of IndusInd Bank and State Bank. Other notable gainers in trade were Tata Motors equity and the DVR shares. Both these have been on a tear, following good monthly numbers being reported by Tata Motors.

Shares in IT stocks, which have been badly hammered were trading flat, after having witnessed sharp falls in the previous sessions. There were reports that some IT companies may report their worst quarterly performance in a decade.

Shares in Infosys, TCS and Wipro were marginally higher in trade. Among the Nifty index stocks, BPCL and Kotak were among the few stocks that were weakish in trade.

Gitanjali Gems, which surged as much as 14 per cent on Friday, continued to rally and the stock was up another 10 per cent in trade. Several other small and midcap stocks have surged in the last few trading sessions, as the interest now shifts to small and mid cap stocks.

Meanwhile, the rupee was trading steady at 66.57 too the US dollar.

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