Mumbai, Oct 25: The BSE index today resumed firm at 18,519.23 gaining around seven points from it's last close of 18,512.91 points on scattered bull support from FIIs and some mutual fund operators.
Brokers said, ''Many leading brokers are awaiting report of The Securities Exchange Board of India (SEBI)'s board meets today, to take a decision on recently announced proposals.
It may be recalled that on October 16 2007, SEBI had proposed curbs on issuance of offshore derivative instruments (ODIs), also known as participatory (P) notes, based on assets under management of FIIs and prohibited sub-accounts of FIIs from issuing P notes.
The market regulator SEBI, after trading hours on last Monday, provided partial breather to Foreign Institutional Investors (FIIs) with respect to proposed restrictions on use of participatory notes and said it would speed up regulatory clearance for foreigners keen to invest transparently.
The market opened on a modest high level but showed some strength on selective buying in index pivotals. Global cues were mixed. US markets edged lower on yesterday.
Later, the current Sensex index of BSE is till up by 85.12 points, or 0.46 per cent (pc), to 18,598.03. It had opened marginally higher at 18,519.23 and rose to strike an intra-day high of 18,607.08.
Sensex hit a low of 18,459.51 so far during the day.
The broader based S&P CNX Nifty index of NSE is also up by 19 points, or 0.36 pc, to 5,515.90. The Nifty index opened high at 5499.05 points. Later it recorded high at 5517.50 and a low at 5469.30 points in intra day trade.
Hindalco Industries was the top gainer from Sensex pack. It edged up by 3.36 pc to Rs 195.45 on 4.30 lakh shares. Tata Steel was also shot up by 1.65 pc to Rs 930.50, followed by Bharat Heavy Electricals by 2 pc to Rs 2320 and Bharti Airtel by 1.10 pc to Rs 997.05. India's largest bank in terms of net profit State Bank of India hiked by 1.78 pc to Rs 1941.90.
India's largest private sector entity by market capitalisation and oil refiner, Reliance Industries (RIL) was down by 0.10 pc at Rs 2610 on 85,641 shares. India's largest oil exploration company by market capitalisation Oil and Natural Gas Corporation (ONGC) slumped by 2.52 pc to Rs 1080. It was the top loser from the Sensex pack. As per recent reports, its joint venture firm ONGC-Mittal Energy had acquired a 30 pc participating interest in an exploration block in the Caspian Sea, Turkmenistan.
Dr. Reddy's Laboratories, the nations third largest pharma company by market capitalisation, declined by 2.35 pc to Rs 615.15.
HDFC Bank eased by 1.84 pc to Rs 1479.10, followed by Maruti Suzuki India by 1.45 pc to Rs 1102.50, were the other losers from Sensex pack.
Volatility is expected to remain high today as October 2007 derivatives contracts expire today. As per market data, marketwide rollover of derivative positions from October 2007 series to November 2007 series was 61 pc while Nifty rollover was 60 pc.
The Reserve Bank of India's (RBI) mid-term review of annual policy due on 30 October 2007 and US Federal Reserve's meeting on 31 October 2007 on interest rates, will be key events that will drive the market in the near term.
Asian markets were trading with gains today, as Hong Kong's Hang Seng was up by 0.65 pc at 29,523.21,similarly, Taiwan's Taiwan Weighted by 0.89 pc at 9,526.43, Singapore's Straits Times by 0.37 pc at 3,662.66 and South Korea's Seoul Composite by 1.02 pc or at 1,953.06 edged higher.
However, Japan's Nikkei was down by 0.64 pc at 16,254.33.
The Dow Jones industrial Average recovered from sharp early losses of over 200 points yesterday, as Merrill Lynch posted dreadful result hinting that sub-prime mortgage crisis may get bigger. Dow settled almost unchanged at 13,675.25, marginally lower by 0.98 points. The Nasdaq Composite Index, finished lower by 24.5 points at 2,774.76. S&P 500 slipped by 3.71 points at 1,515.88, brokers added.