Sensex opens firm at 18,724.11 pts, up by 122 pts

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Mumbai, Nov 22: After yesterday's bearish phase, the benchmark of Sensex today recovered smartly by 122 points and it resumed high at 18,724.11 points from its last close of 18,602.62 points on fresh speculative demand from FIIs and local investors.

Brokers said,'' The market opened with upward gap but soon plunged deep into the red. Reliance Industries, ICICI Bank gained.

Capital goods, power stocks declined. Metal, banking stocks gained.

The market breadth was weak. BSE Mid Cap and Small Cap indices underperformed Sensex. Asian markets were in green.

US stocks fell to the lowest in three months on yesterday.

Later, the 30-share BSE Sensex was down 99.91 points or 0.54 per cent (PC) at 18,497.86. At day's low of 18,468.87 Sensex had lost 133.35 points from its last close. Meantime, the Sensex recorded high at 18,744.55 points in intra day trade.

The BSE Mid-Cap index declined 1.41 pc to 8,101.58 and the BSE Small-Cap index down 1.57 pc to 10,104.47. Both these indices underperformed Sensex.

The Nifty index of NSE resumed high at 5564.65 points from its last close of 5561.05 points. Later it recorded a high at 5608.65 and a low at 5462.35 points in intra day trade.

Index heavyweight and India's largest private sector firm by market capitalisation, Reliance Industries rose by 0.4 pc to Rs 2,733.

Capital goods stocks declined. Larsen&Toubro was down by 2.4 pc to Rs 4,010 followed by Bharat Heavy Electricals by 0.44 pc to Rs 2,475.10 and Suzlon Energy by 0.73 pc to Rs 1,91.05 edged lower.

Metal stocks rose. Hindalco Industries was up by 2 pc to Rs 188.25), Tata Steel by 1.09 pc to Rs 831, Steel Authority of India by 1.49 pc to Rs 249.10 edged higher.

Banking majors were in limelights with CICI Bank was up by 1.55 pc to Rs 1,120.15 followed by State Bank of India by 0.53 pc to Rs 2,166.05 edged higher. However India's second largest private sector bank in terms of net profit HDFC Bank declined by 0.57 pc to Rs 1,574.

Power stocks declined. Tata Power Company eased by 3.56 pc to Rs 1,118, Reliance Energy came down by 2.6 pc to Rs 1,648.90, NTPC dropped by 2.71 pc to Rs 232.80 edged lower.

Pioneer Embroideries surged by 2.52 pc to Rs 187 on BSE, after the company said it has entered into a development agreement with Sunteck Realty&Infrastructure for development of its property situated at Borivali (East), Mumbai.

Asian markets were in green. Japan's Nikkei was up by 0.8 pc at 14,955.78 followed by Hong Kong's Hang Seng by 0.7 pc at 26,803.51, Straits Times by 0.52 pc at 3,364.61, and Taiwan Weighted by 0.75 pc at 8,543.84, which helped to boost in Indian bources, brokers pointed out.

However, South Korea's Seoul Composite was down by 0.33 pc at 1,800.38.

US stocks fell to the lowest in three-months on yesterday following growing unease over the economic outlook and weakening credit markets. The Dow Jones industrial Average ended the day with a loss of 211 points at 12,799. The Nasdaq Composite index slipped by 34 points at 2,562. S&P 500 lost 22.9 points at 1,416.

Crude oil traded near USD 97 a barrel in New York after falling from a record yesterday, amid signs of slowing demand growth in the US, the world's largest energy consumer. Crude oil for January delivery was at $97.44 a barrel, up 15 cents, in after-hours electronic trading on the New York Mercantile Exchange in Singapore.


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