Sensex pares gains after strong opening

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Mumbai, Sep 18: The Bombay Stock Exchange (BSE) Sensex today opened on a firm note at 15,547.07 from it's last close of 15,504.43, but then turned listless in mid-morning trade at 15,511.78, a small gain of just 7.35 points, since there was no major movement in absence of positive trigger.

''However the market breadth was strong on the BSE, though Asian markets extended early losses today,'' market players said.

On the other hand, the National Stock Exchange (NSE) S&P CNX Nifty opened marginally weaker at 4,494.10 from it's previous close of 4,494.65 and further slipped by 1.45 points at 4,493.20.

The market breadth, indicating overall health of the market was strong on the BSE, with 1,478 shares advancing as compared to 962 that declined, while 82 remained unchanged. The BSE Mid-Cap index rose 0.58 per cent to 6,955.64 while the BSE Small-Cap index gained 1.02 per cent to 8,728.35. Both these indices outperformed the Sensex. The total turnover so far amounted to Rs 1,785 crore. Among the 30-member Sensex pack, 19 gained while the rest slipped, official records show.

Reliance Energy, ICICI Bank, Bharti Airtel and Satyam Computers were the early gainers from the Sensex pack, while Cipla, HDFC Bank, Bajaj Auto, Reliance Industries (RIL) and ITC were the other losers from Sensex pack.

Asian markets extended early fall today hurt by concerns related to the health of the global credit markets, as well as nervousness ahead of the US Fed meet scheduled later in the day. Japan's Nikkei, Hong Kong's Hang Seng, Singapore's Straits Times and South Korea's Seoul Composite declined.

Wall Street shares declined moderately yesterday, as investors anxiously awaited the Federal Reserve's impending decision on interest rates. The Dow Jones industrial average fell 39.10 points, or 0.29 per cent, to 13, 403.42. Broader stock indicators showed somewhat steeper losses. The Standard&Poor's 500 index fell 7.60 points, or 0.51 per cent, to 1,476.65, and the Nasdaq Composite index lost 20.52 points, or 0.79 per cent, to 2, 581.66.

Crude oil prices surged to a record high above USD 81 a barrel today drawing strength from concerns of a winter supply squeeze in the world's top consumer where an anticipated interest rate cut is calming recession fears. US light crude for October delivery rose 56 cents to USD 81.13 a barrel after touching a high of USD 81.18 earlier in today's session. London Brent crude for November rose 22 cents to USD 77.20 a barrel.


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