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Sensex, Nifty close at new record as Banking stocks fire

Sensex, Nifty close at new record as Banking stocks fire
Frantic buying by foreign funds, pushed the Sensex and the Nifty to yet another record high with the Nifty hitting the 6800 levels for the first time.

The Sensex ended the day with gains of a huge 375 points (provisional) to close at another record level, while the Nifty rallied 101 points to close at a new historic high of 6796 points.

Leading the Nifty set of gainers rally was Sun Pharma, which gained more than 7 per cent, following its decision to buy Ranbaxy Laboratories.

The other Nifty stocks that gained heavily were some of the banking stocks, particularly from the PSU banking space. Bank of Baroda was up a staggering 6 per cent, while other notable gainers were Canara Bank, Punjab National Bank and Bank of India.

Private sector gainers also saw large scale buying interest with Axis Bank, ICICI Bank and Yes Bank among the gainers. Rallies in Tata Motors

However, software stocks were weak in trade on worries of subdued results for Q4. Infosys, HCL Tech, Wipro, TCS and Tech Mahindra lost ground in trade.

Wind Turbine maker, Suzlon saw a sharp rally in trade after the company said that it had sold Big Sky Wind Farm in Illinois to EverPower Wind Holdings, Inc.

Mid cap stocks also saw strong buying interest with Ashok Leyland up more than 6 per cent, while GMR Infra ended the day 5 per cent higher. Crompton Greaves was the top gainer rallying almost 9 per cent.

The High beta realty sector also saw buying interest with DB Realty gaining more than 4 per cent. Meanwhile, markets across Asia ended the day with strong gains led by the Hong Kong's Hang Sang and the Singapore's Strait Times.

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