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Sensex hits fresh highs; Coal India surges on price hike

Reuters 

By Krishna V Kurup

(Reuters) - Indian hit record highs for a third straight session on Tuesday as Coal Ltd surged after price hikes, but broader gains were capped by losses in IT and financial sectors.

Coal rose to its highest in 10 months after the company raised prices of non-coking coal across all its units. It expects an incremental revenue of about 19.56 billion rupees ($308 million) for the rest of the current fiscal year.

But caution prevailed ahead of the corporate results season kicking in this week. is due to post December-quarter results on Thursday, followed by on Friday.

is expected to present the federal budget for the 2018/19 financial year on Feb. 1, amid investor concerns that the government could unveil some populist measures with heavier spending than this year.

"Markets are flattish as there is some volatility due to expectations around budget, corporate results which are starting soon and the global markets," said Vinod Nair, at Services.

Broadly, the trend is still very positive, he said.

The broader NSE Nifty was up 0.1 percent at 10,633.50 as of 0616 GMT, after rising as much as 0.33 percent to a record of 10,659.15.

The benchmark BSE rose 0.26 percent to 34,441.64, after gaining as much as 0.39 percent to 34,487.52, its highest ever.

Among the gainers, energy advanced the most, with Nifty rising as much as 0.8 percent. Coal gained 6.1 percent and

NS> rose 1.3 percent.

ITC Ltd rose 1.7 percent and was among the top contributors to the index gains.

rose 1.7 percent. Its unit's sales rose 7 pct to a record 621,109 vehicles in 2017 but said it faced tough conditions in the UK due to weakening consumer confidence and a planned diesel tax rise on new cars.

were down with TCS falling 0.6 percent and losing 1 percent.

Meanwhile, dropped 3.9 percent after the government unveiled a plan to sell up to 47.5 million in the company.

(Reporting by Krishna V in Bengaluru; Editing by Gopakumar Warrier)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, January 09 2018. 12:25 IST
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