Sensex opens high on 38 points

Mumbai, Dec 4: The Bombay Stock Exchange Sensitive index was up by 38 points in late morning trade amid signs of consolidation in local equity market.

The benchmark Sensex today opened 37.56 points up at 19,640.97 over previous close of 19,603.41. The broader S&P CNX Nifty of the National Stock Exchange was up by 11 points to 5,876.00 from previous close of 5,865.00, during the early trade.

Moreover, the maket was in a consolidation mode on speculation of cut in interest rate by US Federal Reserve and weak movements in the global market, traders said.

European Central Bank, Bank of England and US Fed are scheduled to meet next week to consider the changes in interest rates.

Presently, Indian bourses are facing strong resistance at a level and further any decision on interest rate cut by major economies would have an impact on Asian maket, traders opined.

On BSE sectorial index, consumer durable, oil and gas and capital goods shares were in keen demand for the second consecutive day.

Small-cap and mid-cap stocks too attracted heavy buying interest during early trade.

UNI