Markets Trade Higher, Cipla Jumps 4%

Benchmark indices opened the day higher, with most Asian markets seeing modest gains. The Sensex was trading with gains of nearly 200 points, while the Nifty was up 60 points in trade.

Shares in HDFC Bank gained ground despite reports that US based Rosen Law Firm has filed a class action lawsuit against private lender HDFC Bank, alleging that the senior management engaged in reckless acts and caused damages to several investors .

Hospitality major EIH, which runs hotels and resorts under the Oberoi brand, saw its share price move higher by 3 per cent after the company said its rights issue committee has approved raising of up to Rs 350 crore.

Among the top Nifty losers in trade were Infosys, JSW Steel Hindustan Unilever, HCL Tech and Nestle.

Sterling and Wilson Solar saw its shares up nearly 5 per cent, after the company said it has won a 106.71 MW solar project in Chile, its fifth in Latin America, worth $62.6 million, which is about Rs 462 crores.

Meanwhile, most of the Asian markets were trading marginally higher. The Singapore Strait Times, the Japanese Nikkei and the Hong's Hang Sang were up in trade. Markets are expected to trade in a range for most of the day and lack volatility.