Sensex, Nifty open higher; Capital goods rally on strong IIP data

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The Sensex and the Nifty opened the day higher led by gains in capital good stocks. The Sensex was trading higher by 30 points at 25,606 points, while the Nifty gained 7 points in early trade.
BHEL led gainers from the capital goods segment, while other notable gainers were Crompton Greaves, Siemens and Voltas.

Infosys, which announced the appointment of Vishal Sikka as the new CEO and Managing Director of the company, lost ground in trade. The stock was lower by one per cent.

Cairn India, Larsen and Toubro and Tata Power were the top Nifty gainers in trade. Nifty losers in trade were Tata Motors, Hindalco and BPCL.

Oil marketing company stocks were trading with losses after a sharp increase in oil prices, following violence in Iraq. BPCL, HPCL and Indian Oil were down.

Mid cap stocks continued to grind higher with notable winners from the space being India Cements, Hindustan Zinc, Petronet LNG and Unitech.

PSU banking stocks which have been seeing some selling pressure in the last few days gained ground in trade. Notable winners were Syndicate Bank, Union Bank and Indian Overseas Bank.

Meanwhile, Asian markets were trading with losses on worries over escalation of tensions in Iraq and increase in oil prices.

The Dow Jones dropped sharply by 109 points, after Reuters reported that Sunni Islamist militants have extended their advance south towards Baghdad prompting President Barack Obama to warn of possible US military intervention, while Iraqi Kurdish forces took control of the oil hub of Kirkuk amid the chaos.

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