Markets striking new highs

While Mumbai was submerged by heavy downpour this weekend, the stock market seems to be riding on a deluge of buy orders.

At 11:55 IST, the Sensex is up 76.79 points to 14,727.30 while Nifty is up 21.25 points at 4339.55.

Car major Maruti Udyog surged 5.44% to Rs 782.30, on 96,961 shares, after it said on Monday, 2 July 2007, it had sold 59,917 vehicles in June 2007, up 24% from 48,425 vehicles sold in June 2006. Maruti Udyog sold 56,000 units in the domestic market, up 25.5% from 44,626 units a year earlier. It exported 3,917 units in June, up 3% from 3,799 units last year.Tata Motors (up 1.89% to Rs 682.40) and Hero Honda (up 0.15% to Rs 689.90), also edged higher.

Cement stocks saw profit booking after two straight days of rally. Ambuja Cements shed 1.41% to Rs 122.80 on 1.74 lakh shares. ACC (down 0.40% to Rs 930.15), and Grasim (down 0.49% to Rs 2625), also edged lower.

Index heavyweight Reliance Industries was up 0.10% to Rs 1,701.90 on 1.83 lakh shares.