Sensex opens new year 2014 in the green; banks rally

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Sensex opens new year 2014 in the green; banks rally
The Sensex and the Nifty began the new year higher, with banking and IT stocks once again leading gainers on the bourses.

Among the early Nifty gainers in trade were Coal India, Bharti Airtel, NMDC and IDFC. Nifty losers in early trade were Tata Power, Ultratech Cement and Power Grid.

Adani Power was in the limelight after the the power producer announced that its 4620 mw project at Mundra has set a record by attaining the highest generation of 4,644 MW.
PSU banking stocks came in for some selling pressure in early trade with notable losers being Union Bank, Canara Bank and Bank of India. IDBI Bank on the other hand gained after the bank hiked its deposit rates by 50 basis points.

Coal India also rallied after reports that Morgan Stanley had acquired a large chunk of shares from the market.

It stocks were having a weakish session of trade with notable losers being HCL Tech, Infosys and Tata Consultancy Services.

Among the early mid cap gainers in trade were Bharat Forge and Hindustan Zinc. Meanwhile, most of the Asian markets were closed for trading today on account of the new year.

Indian markets are likely to see thin trading volumes today on account of absence of foreign funds.

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