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Nifty Opens Higher, Banking Stocks Gain

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Benchmark indices opened the day higher, led by gains in banking stocks, which have underperformed in the last few trading sessions.

The Nifty was trading with gains of 55 points and was close to the 10,800 points mark. IT stocks, which had a strong rally in the last few days, gave-up some gains. Infosys, TCS and Tech Mahindra lost ground in trade.

Shares in L&T Finance moved higher, despite reporting a 73% decline in net profit at Rs 148 crore in the first quarter ended June. The management commentary at the company showed that collections and disbursements were good and so was liquidity. The stock was trading 1.5 per cent higher in trade.

Nifty Opens Higher, Banking Stocks Gain
 

Cyient saw its shares climb 5 per cent after the company reported a 10% decline in consolidated net profit a Rs 81.4 crore for June 2020 quarter.

Coal India too was among the gainers after the company introduced a special spot e-auction scheme for importers to boost sales and reduce India's dependence on imports.

All of the major tech companies were among the losers including the likes of HCL Tech, Infosys, Tech Mahindra, Wipro and TCS were among the early losers in trade.

Meanwhile, Asian markets were trading higher, with the Hang Sang leading gains.

Read more about: nifty banking stocks
Story first published: Friday, July 17, 2020, 9:30 [IST]
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