Sensex, Nifty rally in trade; investors chase sugar stocks

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Sensex, Nifty rally in trade; investors chase sugar stocks
Sensex28,091.42Sensex Quote-87.66 [0.31%]
Nifty8,691.30Nifty Quote-17.65 [0.20%]
The Sensex and the Nifty surged in trade with the Sensex just a few points away from touching yet another historic peak. The Sensex was last trading 194 points higher at 25,213 points, while the Nifty rallied 48 points in trade.

Sugar stocks were clearly leading gains in trade with Bannari Aman, Shree Renuka Sugars, KCP Sugars and Bajaj Hindustan all up between 8-10 per cent.

Nifty stocks that gained ground were Bharti Airtel, Hero Motor Corp, Tata Steel, State Bank of India and ONGC.

Action once again shifted to the mid cap space where notable winners were Godrej Industries, Unitech, Union Bank of India, IDBI Bank and Bata India.

Among Nifty stocks that lost ground was Infosys after reports that one more top executive of the company had resigned, making it a procession of resignations at the company. The stock was down 1.3 per cent in trade.

Other software stocks were also trading lower including the likes of Tata Consultancy Services, Wipro and HCL Tech.

Banking stocks continued to grind higher with notable winners being Canara Bank, Union Bank, HDFC Bank and ICICI Bank.

Real estate stocks were also higher on hopes of a tax breaks for real estate investment trusts. DLF, Sobha, HDIL and Anant Raj were all trading with gains.

Meanwhile, Asian markets were mostly trading higher led by gains in the Singapore's Strait Times, the Indonesian Jakarta Composite and the Japanese Nikkei.

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