Sensex off record highs, but still trades firm by 85 points

Mumbai: The S&P BSE Sensex shrugged-off from its record initial surge, but was trading firm by 84.86 points in the late morning trade, tracking higher global cues. The momentum witnessed volatility ahead of derivative expiry date on Thursday, though underpinned by host of high positive factors including good macro outlook and sustained FII inflows.

It was further supplemented by US president Barrack Obama's India visit and business parleys. Bouts of profit-booking were witnessed in key IT, Metal, Oil&Gas, Tech and HealthCare segments. However, shares of Capital Goods, Consumer Durables, Power, Bank, Auto, Realty and FMCG gained. The Sensex resumed gap-opening at 29,451.65 and rallied to a record high of 29,456.63 and low of 29,298.59, and was quoting at 29,363.70 at 1045 hours -- up 84.86 points, or 0.29 per cent, from its previous close.

The CNX 50-share Nifty also touched a lifetime peak of 8,878.20, and was quoting at 8,850.30 at 1045 hrs, up 14.70 points, or 0.17 per cent. Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 2,019.98 crore last Friday as per provisional data. Major gainers were Bharti Airtel (2.87 pct), HDFC (2.51 pct), HDFC bank (2.13 pct), L&T (1.94 pct) and Tata Motors (1.71 pct). Notable losers were GAIL (1.80 pct), BHEL (0.99 pct), Coal India (0.85 pct), Infosys 0.82 and Tata Steel (0.53 pct).

Most Asian stocks were trading higher amid optimism that the actions of Greece's new government may indicate the nation not leaving the euro currency bloc. Key benchmark indices in Singapore, Taiwan, Japan and South Korea rose 0.02 pct to 1.45 pct while those in China, Hong Kong and Indonesia fell 0.17 pct to 1.88 pct.