Nifty rallies past 6200 points on strong Asian cues

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Nifty rallies past 6200 points on strong Asian cues
Benchmark indices rallied for a third straight day in a row on strong Asian cues, following the S&P 500 hitting a new record in intra-day trading on Monday.

The Sensex was trading higher by 98 points, while the Nifty surged past the 6200 points and was up 23 points at 6209 points.

Jaiprakash Associates gained in early trade after reports that the company was planning a further sale of cement assets to prune down debt. Other Nifty gainers in trade were Ambuja Cements, BPCL, IDFC and IndusInd Bank.

NTPC which had crashed more than 11 per cent on Monday gained in trade and was up one per cent. Larsen and Toubro which has been consistently rallying in the last few trading sessions was weak in trade and saw some selling pressure.

Other Nifty stocks that declined in trade were Dr Reddy's, Gail and Ultratech Cement. Tata Power which had gained substantially on Monday, following the CERC tariff review, which was favourable to the company gave up some gains and was trading with marginal losses.

Shares in Ranbaxy Laboratories was lower after the company said that it was suspending shipment of pharmaceutical ingredients produced at its Toansa and Dewas plants.

IT stocks were witnessing buying support with TCS, Infosys and HCL Tech among the early gainers in trade. Meanwhile, Asian markets were seeing substantial gains, after a buoyant trend seen from the US markets. The S&P 500 hit an intra day record high following sustained buying.

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