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Nifty touches new peak of 7945.90 in early trade as Sensex rises 130 points; Metal stocks plunge

Monday, 25 August 2014 - 10:05am IST | Place: Mumbai | Agency: dna webdesk

Sensex rises 130.96 points to hit new record high of 26,540.51 in early trade while Nifty was seen at a new peak of 7945.90.

All the sectors apart from the metal index has been in the green this morning. The big gainers this morning are BHEL, Kotak Mahindra Bank, State Bank of India, HDFC, Maruti Suzuki and IndusInd Bank. 

The stocks which have lost out are Jindal Steel, United Spirits, Tata Power and Bajaj Auto.

Jet Airways has lost more than 4.5% in early morning trade after Icra downgraded the airlines loan to 'D' from 'BB'. The 'D' rating indicates an instrument is in default or is likely to be in default soon. Media reports suggest that Jet Airways executives will meet Icra today following the downgrade.

Brokers said continued buying by foreign funds as well as retail investors on the back of domestic and positive factors such as easing global crude oil prices buoyed trading sentiments.

Globally, the dollar gained after the European Centra Bank and the Bank of Japan both promised greater stimulus. United States Fed chairman Janet Yellen also said that the economy is getting closer to the central bank’s  goals on full employment and stable inflation.

Nilesh Dedhia, currency and equity strategist, NTD Trading, told dna, "Markets are rising ignoring glbal cues depite clashes on the border. This is just because macros are improving to some extent with the fall in Brent Crude oil prices. This will however reflect in the October results, and it is time to take some hard earned profits off the table."

 

 




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