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Markets in cautious mode. Banks trade weak.

Banking Markets
Markets have opened cautious for the week on Monday morning, with banking and financial sectors showing weakness. IT, Power and Auto sectors have shown some amount of strengths.

The Nifty is trading at 6251, down by 12 points. The BSE Sensex is down by 38 points to trade at 21024.

Most of the banking stocks are trading in the red today. Axis Bank continues to slide down further with the counter losing 1.3% more to trade at 1136. Bank of Baroda is also down by 1.3% to trade at 619.75. Midcap banking names such as Syndicate Bank and Union Bank of India – have seen 2% cuts.

BPCL from the Oil marketing space, is down by 1.7% at 334. The stock is witnessing a correction after the rally seen in the past week.

Ultratech cement is also on the losing side with 1.3% cuts at 1695.

IT stocks have maintained the momentum in the green. Both TCS and Wipro are trading higher with 0.7% gains each.

Powergrid has shown a gain of 1.2% and is trading at 98.35.

The CNX Midcap index is however trading in the green with 16 points on the upside at 7747. Auro Pharma has hit 3% higher, while Opto Circuits, Oil India and Tata Global have all seen gains of over 1.5%.

Biocon is up by 2.84% and is trading at 454.



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