Sensex, Nifty open lower; Tata Power rallies 6 per cent

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Sensex, Nifty open lower; Tata Power rallies 6 per cent
The Sensex and the Nifty opened lower in trade on weak Asian cues. The Sensex was lower by 30 points, while the Nifty lost 9 points.

Tata Power led gainers in trade with a sharp six per cent rally after CERC allowed higher tariff as well as compensation of Rs 329.45 crore for Tata Power's 4,000 MW Mundra project.

Other Nifty gainers were Larsen and Toubro, Hindalco, ONGC, Ranbaxy Labs and Sun Pharma.

Software stocks, however, were weak with stocks like HCL Tech, Infosys and TCS adding pressure on the Nifty. In fact, TCS dropped almost 1 per cent in early trade.

Rating agency ICRA, was locked at the 20 per cent upper circuit filter limit after Moody's Investor Services offered to buy 26.5 per cent more stake in the company.

Tyre major Ceat, however, lost ground after reports of a fire at one of its storehouses in Mumbai. IDFC was trading marginally lower after reports that foreign investment in the company has been breached and hence foreign investors would not be allowed to buy shares in the company.

Mid cap stocks were trading higher once again today led by gains in Reliance Power, Siemens, HPCL and Voltas.

Real estate stocks on the other hand were subdued in early trade.

Meanwhile, Asian markets were trading lower led by sharp cuts in the Chinese Shanghai Composite and the Hong Kong's Hang Sang. The Singapore's Strait Times was, however, trading higher.

Story first published: Monday, February 24, 2014, 9:36 [IST]
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