Market rally continues for 7th day, Sensex jumps over 120 points

New Delhi: Stock market rally continued for the 7th straight day, with the BSE Sensex jumping over 120 points at opening.

However minutes into trading, markets erased their gains. The BSE Sensex was trading 52.64 points or 0.14 percent higher at 38,147.71 in early trade while the NSE Nifty was 11.15 points or 0.097 percent up at 11,473.35.

Major gainers in the Sensex pack were Sun Pharma, Airtel, ONGC, Infosys, HCL, RIL, ITC, SBI, HDFC Bank, Bajaj Finance, M&M and HDFC, rising by upto 1.59 percent.

On the other hand Asian Paint, HUL, TCS, Powergrid, Tata Steel, Tata Motors, Maruti, Vedanta, ICICI Bank, Bajaj Auto, L&T and Heromoto corp slipped, falling by upto 2 percent.

Asian shares were stedy ahead of the a Federal Reserve policy meeting. MSCI`s broadest index of Asia-Pacific shares outside Japan was flat. Japan`s Nikkei average dropped 0.3 percent, while Australian stocks eased 0.1 percent. Shanghai Composite was almost flat and the Hang Seng edging 0.1 percent lower, a Reuters report wrote.