Markets gain seventh straight day; Sensex ends 414 points higher

Financials and information technology shares were the top Sensex gainers

Markets gained for the seventh straight day led by financials and information technology shares.

The 30-share Sensex ended up 414 points at 27,730 and 50-share Nifty ended up 128 points at 8,353.
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(Updated at 2:25PM)
Benchmark share indices firmed up in late noon trades on Monday after concerns over weak monsoon rains eased while the new proposal presented by Greece to avoid debt default also boosted investor sentiment.

At 2:25PM, the Sensex surged 404 points at 27,720 and the Nifty gained 126 points at 8,351.

In the broader markets, BSE Midcap and Smallcap indices were up 1.2-1.3% each. Market breadth was robust with 1,617 gainers and 933 losers on the BSE.

The Indian rupee firmed up against the dollar and trading higher at 63.42 compared to the previous close of 63.82 tracking strong gains in domestic equities.

Meanwhile, markets could turn volatile ahead of the expiry of June derivatives contracts on Thursday, June 25.

GLOBAL MARKETS

Most Asian markets ended with gains while European shares opened sharply higher amid expectations that the debt crisis in Greece would be resolved while merger and acquisitions in the telecom sector also boosted sentiment. The CAC-40 and DAX were up over 3% while the FTSE-100 was up 1.3%.

SECTORS & STOCKS

The BSE Realty index was the top gainer up 4.8% followed by Bankex which surged nearly 3%. Other gainers include FMCG and IT among others.

In the banking pack, ICICI Bank, HDFC Bank, Axis Bank and SBI were up 2-4% each while mortgage lender HDFC was up 2.4%.

Infosys was up 1.4%. The company's annual general meeting will be held later in the day sans its founding members. TCS was up 1.5%.

Tata Motors gained 2.4% after the company registered sales of 3,000 GenX Nanos in one month.

Tata Steel was up over 2% after employees of its UK subsidiary called off the one day strike scheduled for June 22 and has decided to negotiate on the pension scheme.

Lupin was marginally up. The stock was included in the 30-share Sensex, replacing private sector electricity producer Tata Power.

Dr Reddy's Laboratories was up 1.4% after the launch of HAiROOTZ, the first hair growth supplement to be marketed in India as an over-the-counter (OTC) product by the company.

Reliance Industries which had surged over 12% last week witnessed profit taking after it topped the Rs 1,000 mark in intra-day trade today. The stock was down 0.2%.

Other Sensex losers include, ONGC, Wipro Bharti Airtel and M&M.