Sensex opens firm at 19282.70, up by nearly 225 pts

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Mumbai, Nov 9 (UNI) Trading for the New Year Samvat 2064 began on a cheerful note with the BSE sensitive index resuming firm at 19282.70 points with a massive gain of nearly 225 points against the last close of 19058.93 on fresh speculative demand from FIIs and mutual fund operators.

A special one-hour trading session beginning 1800 hrs, to mark the beginning of the New Year Samvat 2064, was held at the bourses today.

Brokers informed that the market later slipped into the red due to weakness in global equities.

The market breadth was strong. Reliance Industries gained, while realty, capital goods and banking stocks also advanced.

But, IT stocks fell further. Most of the European markets were trading weak.

The US stock index futures slid as Wachovia Corp, the fourth-largest US bank, disclosed exposure to securities linked subprime mortgages, heightening investor concern about the impact of the credit crisis. Asian markets ended mixed.

Later, the Sensex fell 238.51 points or 1.25 per cent to 19820.07 at 1845 hrs. It opened on a positive note at 19282.70 and hit a high of 19329.57 points at the onset of the trading session. At the day's high of 19329.57, Sensex was 270.64 points up from it last close.

The broader based S&P CNX Nifty index of NSE resumed high at 5703.45 points from the last close of 5698.75 points. Later, it recorded a high of 5794.20 and a low of 5614.45 points during intra-day trade. The current Nifty index is quoted low at 5614.90 with a modest loss of around 84 points or 1.47 per cent from its last close of 5698.75 points.

The BSE Mid Cap index rose 1.27 per cent to 8046.72 and BSE Small Cap index rose 1.53 per cent to 9758.27. Both these indices outperformed Sensex.

India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) rose by 0.7 per cent to Rs 2761.90.

Capital goods stocks rose. Bharat Heavy Electricals was up by 0.52 per cent to Rs 2,808 followed by Larsen&Toubro up by 0.83 per cent to Rs 4,165 and Suzlon Energy up by 1.15 per cent to Rs 1,909.90.

Realty stocks also rose. DLF was up 0.98 per cent to Rs 920.90, followed by Indiabulls Real Estate up by 1.7 per cent to Rs 642.10 and Unitech up by 1.11 per cent to Rs 365.30.

Banking stocks also gained. State Bank of India rose by 1.11 per cent to Rs 2,209, HDFC Bank rose by 1.06 per cent to Rs 1,576 and ICICI Bank rose by 0.09 per cent to Rs 1169.70.

Export-driven software services companies, which are already under pressure because of a firmer rupee, extended losses on concerns over a possible downturn in the United States, which accounts for more than half their revenue. Infosys Technologies was down by 0.63 per cent to Rs 1,705, Satyam computer Services was down by 1.39 per cent to Rs 428.50, Tata Consultancy Services was down by 0.39 per cent to Rs 988.50 and Wipro eased by 1.43 per cent to Rs 463.

Reliance Communications was up by 0.94 per cent to Rs 711.50, Hindalco Industries rose by 0.74 per cent to Rs 205.15 and National Thermal Power Corporation hiked by 0.64 per cent to Rs 242.

Bajaj Auto was down by 1.29 per cent to Rs 2,399, ACC eased by 1.12 per cent to Rs 1,045 and Bharti Airtel was down 1.08 per cent at Rs 874.80, brokers informed.

UNI

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