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Sensex, Nifty open higher ahead of Railway Budget; Rail stocks slip

Sensex, Nifty open higher ahead of Railway Budget; Rail stocks slip
The Sensex and the Nifty opened the day higher ahead of the Railway Budget with the Sensex gaining 30 points, while the Nifty was up 3 points in early trade.

Stocks catering to supplies to the Indian Railways were trading lower with Texmaco, Kalindee Rail, Titagarh Wagons and Kernex slipping.

Nifty gainers in trade were Sun Pharma, Mahindra and Mahindra, Hindalco and Bajaj Auto. Nifty stocks that lost ground in trade were the technology stocks that had rallied sharply on Monday. TCS, HCL Tech and Wipro were all trading marginally lower.

Shares in IDFC continued to rally for a second day in a row after the company confirmed that it was in talks to sell IT parks. Gitanjali Gems was trading higher after the RBI eased norms for lending by banks for import of diamonds.

Mid cap stocks saw some profit booking in trade with stocks like Godrej, Havells India, Karnataka Bank and Petronet LNG trading lower.

Realty stocks were trading flat to marginally higher with notable gainers being Godrej, HDIL, Indiabulls and Oberoi Realty.

PSU banks also saw some selling pressure with Canara Bank, IDBI Bank, Syndicate Bank and State Bank among the losers.

Meanwhile, markets across Asia were trading with losses with notable losers being the Japanese Nikkei and the Chinese Shanghai Composite. The US markets closed lower on Monday led by losses in cyclicals.

Story first published: Tuesday, July 8, 2014, 9:32 [IST]
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