Nifty races towards 8500, Sensex firm; Jet soars 3%

The market continues to maintain its uptrend boosted majorly by bank and metal stocks. The Sensex is up 165.48 points or 0.6 percent at 28055.61 and the Nifty is up 64.45 points or 0.8 percent at 8494.15. About 1384 shares have advanced, 418 shares declined, and 100 shares are unchanged.

Tata Steel, Tata Power, Coal India and Maruti Suzuki are top gainers in the Sensex. Among the losers are M&M and Infosys.

Jet Airways rises 3 percent as it will seek shareholders' approval next month to raise up to USD 400 million (over Rs 2,500 crore) through issue of securities on private placement basis. The aviation company has also puts half of its wide-body fleet on sale to reduce debt and looking to sell 16 aircrafts, including long-haul ones due to slack demand.

Meanwhile, the rupee fell by 16 paise at 62.98 against the US dollar in early trade today at the Interbank Foreign Exchange due to appreciation of the Greenback overseas on strong American housing sales data. Besides, fresh demand for the dollar from importers weighed on the local currency but a higher opening in the domestic equity market, limited the rupee's losses, forex dealers said. For More information please visit this site www.sharemarket259.blogspot.in