Sensex moves past 26,000 mark; Nifty hits new high as well

Last Updated: Mon, Jul 07, 2014 09:37 hrs

It's a good stock for the Indian stock market this morning, with the Sensex moving past the 26,000 mark for the first time and the Nifty rising to a new high as well, as investors indulged in some brisk buying at several front line counters.

Though cues from global markets are slightly weak, investors appear to be betting on hopes the government will present a business friendly and growth oriented budget later this week.

At 26,078.72, off an early high of 26,099.35, the Sensex is now up 116.60 points or 0.45% from its previous close. The Nifty, which rose to 7787.95, is up 30.10 points or 0.39% at 7781.70.

Information technology, power and realty stocks are among the notable gainers. Metal and automobile stocks are also firm, while shares from banking, oil, healthcare, FMCG and consumer durables sectors are turning in a mixed performance.

IT majors Infosys (1.7%), Tata Consultancy Services (1.5%) and Wipro (0.8%) are notably higher.

Tata Power has moved up 2.7% following the company signing an option agreement to sell 5% in PT Kaltim Prima Coal for $250 million to Bakrie Group entity. Tata Motors, Hero Motocorp, Hindalco, Bharti Airtel and Sesa Sterlite are up 1% - 1.6%. Tata Steel, Bajaj Auto, Mahindra & Mahindra, NTPC, Cipla, GAIL India, BHEL, Coal India and Larsen & Toubro are up with modest gains.

IDFC, up 4.5%, is the top gainer in the Nifty index. DLF, Jindal Steel & Power, Tech Mahindra, Power Grid Corporation, ACC, Ambuja Cements, NMDC and HCL Technologies are up 1% - 1.5%.

Kotak Bank is down more than 2%. BPCL is lower by about 1.4%. ITC, Lupin, Asian Paints, ONGC, Maruti Suzuki, Hindustan Unilever, Axis Bank, Dr Reddy's Laboratories and United Spirits are also weak, albeit with less pronounced losses.

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