Indian Markets Trade Lower as European Stocks Open Weak
Indian stocks were trading marginally lower today as European markets opened negative. Bank of England will be announcing policy rates shortly and FTSE was trading 1.25 percent lower. German and French stocks were also trading negative this morning. US markets closed negative on Wednesday.
Among major losers in today’s session were pharmaceutical major Lupin, PSU banking counter Canara Bank, Tata Consumer Products and Bajaj Finance.
Major gainers in today’s session were HDFC, HDFC Bank, Mahindra & Mahindra, Hero MotoCorp, Divis Labs, ICICI Bank. Eicher Motors, Titan Industries, Axis Bank, HDFC Life, BPCL and ITC were trading positive.
ICICI Bank has been given BUY Rating by Nomura.
Indian markets have witnessed strong performance over the last few weeks and we can expect a healthy correction in the markets in the coming sessions. Global cues are slightly negative.