Sensex opens on a firm note at 13,716.46 pts

By Staff
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Google Oneindia News

Mumbai, Nov 27: The BSE Sensex today opened high at 13,716.46 points from its last close of 13,703.33 on fresh speculative demand from Foreing Institutional Investors (FIIs).

The market surged in opening trade with the Sensex racing towards 13,800. Metal shares and power generation firms edged higher in opening trade.

At 1018 IST, Sensex was up by 58 points at 13,762. It hit a high of 13,772.77 shortly after commencement of trading. The record high for the Sensex is 13,790.82, reached on November 23, 2006.

Meanwhile, S&P CNX Nifty index of National Stock Exchange (NSE) resumed firm at 3974.95 points. But it came down at 3948.85 points.

The current index, however, rose by 10 points and quoted at 3960.90 points from it previous day's close of 3950.85 points.

Bharti Airtel rose two per cent to Rs 629.50 on reports that Bharti group is likely to unveil alliance with US retail chain Wal-Mart in the next few days.

Metal shares were in demand on firm global metal prices. Hindustan Zinc rose 1.3 per cent to Rs 931. The top zinc producer has raised zinc prices by 3.5 percent to Rs 2,28,800 a tonne but it has simultaneously cut lead prices by 3.04 per cent to Rs 82,800 a tonne.

Sterlite Industries rose by 1.2 per cent to Rs 548.90. Hindalco Industries rose by 0.3 per cent to Rs 178.50. Hindalco has temporarily suspended operations at one of its three copper smelters in Gujarat due to a shortage of copper concentrate.

NTPC gained two per cent to Rs 153 and Tata Power rose 1.2 per cent to Rs 583.50.

GE Shipping was trading at Rs 238.60 compared to the last trading price of Rs 336.70 on November seven, 2006.

Mahindra&Mahindra gained by 0.5 per cent to Rs 842.40 after the top utility vehicle maker bought a 66 percent stake in DGP Hinoday Industries Ltd for an undisclosed sum.

Lanco Infratech was trading at Rs 254.20 compared to IPO price of Rs 240 on the very first day.

Finance Minister P Chidambaram said on Sunday that oil producing nations are exploiting oil consuming countries with high oil prices and India is being deprived of one per cent of economic growth because of costly oil, brokers added.

UNI

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