Nifty Opens Higher, Defence Related Stocks Gain

Benchmark indices in India opened the day higher, even as Asian markets were mixed following worries over tensions between China and the US.

South Korean markets were higher, while the Japanese Nikkei was trading lower, and the Chinese Shanghai Composite was flat in trade.

The Sensex was trading with gains of 250 points, while the Nifty was higher by 72 points.

BEL gained after the Defence Minister, Rajnath Singh announced a ban on 101 defence items. The stock was up 10 per cent in trade and hit the upper end of the circuit filter.

Shares in Siemens fell 1 per cent after the company reported a consolidated net loss of Rs 1.9 crore for June quarter 2020, mainly impacted by the covid-19 lockdown.

Divis Labs saw its share price surge 10 per cent after the company reported 80.61 per cent rise in consolidated net profit at Rs 492.06 crore for June quarter 2020 as against a net profit of Rs 272.44 crores logged in the corresponding period of last year.

Prestige Estates saw its stock gain as much as 4 per cent after reports in the Economic Times that US private equity giant Blackstone Group was looking to acquire Prestige Group's rental income assets for more than $1.7 billion. Cipla, Bajaj Finance and Larsen were among the top gainers from the Nifty.