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Markets Trade Higher, Banking Stocks Gain
Benchmark indices began the day on a positive note, as banking stocks saw small recovery in trade. Some of these stocks had witnessed huge selling pressure on Monday, following the RBI's Financial Stability Report.
The Nifty was trading with gains of 66 points at 11,197 points. Shares in Tech Mahindra gained ground as its results managed to beat expectations, though net profits at the firm were flat. The stock was up 5 per cent in trade today.
Shares in Hindustan Media Ventures fell after the company saw its net profits for the quarter ending June 30, 2020 plunge. The stock was down 2.5 per cent in trade.
Indian oil saw some buying support after the company and French energy giant Total said they have set up an equal joint venture to manufacture and market bitumen derivatives and specialty products for the Indian road-building industry.
Among the early gainers from the Nifty included stocks from the banking sector including the likes of IndusInd Bank and ICICI Bank. Among the smaller stocks, Maharashtra Seamless saw its share price fall 6 per cent, after the company reported losses for the quarter ending June 30, 2020.
Meanwhile, most of the Asian markets were trading with gains led by the Japanese Nikkei. Dow Futures too were pointing to higher openings for the US markets.
