Nifty Trades Higher, IT Stocks Weak

The Sensex and the Nifty opened the day higher, as gains in banking stocks, coupled with strong global cues, helped sentiments. The benchmark indices have already gained for three straight trading sessions.

The Sensex was higher by115 points, while the Nifty was up 45 points in trade. Banking stocks were leading the set of gainers with ICICI Bank, HDFC Bank and Axis Bank among the early winners in trade.

Shares in ICICI Prudential Life Insurance was up more than 2 per cent, after Foreign Portfolio Investor, the Government of Singapore picked a stake in the company.

IT stocks were weak in trade after US President Donald Trump signed an Executive Order on Monday restricting H-1B, L-1 and other temporary work permits, which he said is aimed at protecting local workers who are facing unemployment. Shares in TCS and Infosys were both trading in the negative, despite a strong opening for the markets.

Shares in NDTV gained after the company reported reported a decline in consolidated net profit to Rs 9.20 crore for the fourth quarter ended March 2020.

Meanwhile, most of the Asian markets were trading with gains led by the Japanese Nikkei, which was up almost a per cent. Other markets like the Hong Kong's Hang Sang and The Korean Kospi were also trading with gains.