Sensex opens; rises by 65 pts at 17,356

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Mumbai, Oct 1: The Sensex of BSE today opened 65 points higher at 17,356.99 points from its last close on fresh speculative buying support from FIIs and domestic institutional investors, brokers said.

The market came off higher level after a firm opening as political concerns took centrestage with CPI(M) veteran Jyoti Basu on Saturday, 29 September 2007, ruling out the possibility of any compromise on the issue of Left's opposition to the Indo-US nuclear deal.

The Sensex had struck an all-time high in opening trade after US inflation data reinforced expectations of another cut in US interest rates.

Later, the 30-shares BSE Sensex was down 96 points or 0.52 per cent at 17,200.09. It had hit an all-time high of 17,391.02 in opening trade.

The S&P CNX Nifty of NSE was down 5.9 points or 0.12 per cent at 5015.45. Before it resumed flat at 5021.50 points. The day's high was at 5035.85 points.

While the operationalisation of the nuclear deal has been put on hold by the Government, it cannot be stalled forever.

The Communists want the Government to defer the Indo-US nuclear accord by six months and have warned of a political crisis if it is implemented. The committee set up by the Government to look into Left Front's concerns over the deal is scheduled to hold its next meeting on October 5, 2007.

India's largest private sector company by market capitalisation and oil refiner, Reliance Industries (RIL) declined 0.27 per cent at Rs 2,288.05. Reliance Retail, a subsidiary of the Mukesh Ambani-promoted Reliance Industries, has reportedly, sacked 400 staffers in West Bengal due to their inability to start operations, following stiff opposition from political parties and local traders.

RIL had earlier laid off 1,000 staff in Uttar Pradesh.

Reliance Energy (REL) galloped 7.34 per cent (PC) to Rs 1,294. It struck an all time high of Rs 1,317.80 today. It was the top gainer from the Sensex pack. Reliance Power, the Anil Ambani group firm, in which REL holds 50 per cent stake, will raise USD 2.5 billion in the country's largest power sector IPO. Reliance Power, which is implementing a clutch of large power generation projects across the country, will sell 10-15 per cent to public and institutions in the coming months to fund various projects.

NTPC (up 3.39 pc to Rs 200), Cipla (up 1.18 pc to Rs 184.55), ONGC (up 1.14 pc to Rs 968.85) and M&M (up 1.04 pc to Rs 759.50) were the other major gainers amongst the Sensex pack.

ICICI Bank (down 1.9 pc to Rs 1043), Infosys (down 1.3 pc to Rs 1,872), Maruti Suzuki (down 1.35 pc to Rs 1873), Satyam (down 1.35 pc to Rs 437.50) were the major losers amongst the Sensex pack.

Among the sectoral indices Bankex was the top most loser. State Bank of India (down 1.27 pc to Rs 1,926), HDFC Bank (down 1.88 pc to Rs 1,412), Bank of India (down 0.99 pc to Rs 274.15) edged lower.

Kavveri Telecom Products hit 5 per cent upper circuit to Rs 160.20. It said today, it had acquired the technology, intellectual property rights and patents of cellular infrastructure base station Antenna Line of erstwhile Sigma Wireless, Ireland from US-based PCTEL.

Compact Disc India rose 1.28% to Rs 91.10. It announced today before the market hours that meeting of the board will be held on October 15, 2007 to consider the rights issue.

Most of the Asian markets extended their recent rally today.

South Korea's Seoul Composite (up 0.77 pc at 1,961.45, Singapore's Straits Times (up 1.53 pc at 3,762.98) and Taiwan's Taiwan Weighted (up 0.58 pc to 9,531) rose. Whereas, Japan's Nikkei (down 0.15 pc at 16,760.60) edged lower.

US stocks and bonds slipped as the Dollar fell to a record low on September 28, 2007, amid concerns that US economic growth would continue to slow. The Dow Jones industrial average lost 17.31 points, or 0.12 per cent, at 13,895.63. The Standard&Poor's 500 Index fell 4.63 points, or 0.30 per cent, at 1,526.75. The Nasdaq Composite Index fell 8.09 points, or 0.3 per cent, to 2,701.50.

US crude for November 2007 delivery lost USD 1.23 to settle at USD 81.65 a barrel on September 28, 2007, below its all-time high of USD 83.90, brokers added.

Trading in BSE and NSE will be officially closed tomorrow on Gandhi Jayanti, a BSE spokesperson said.


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