Sensex recovers, opens 120.86 points up

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Mumbai, Jan 11: The benchmark Sensex recovers smartly the previous day fall to open 120.86 points up at 20,702.94 from its previous close of 20,582.08 amid volatile trade in the early session.

Sensex touched an intra-day high at 20,814.33, gained 232.25 points on sustained interest of buying by the investors. Similarly, the broader based Nifty index on National Stock Exchage resumed the day about 10 points up at 6,166.65 from its previous close of 6,156.95 and touched a high of 6,204.75 in the early trade. BSE mid-cap was trading about one per cent down at 9,350.07 and small-cap on BSE was low two per cent 12,596.04. Both the indices underperformed BSE.

Reliance Industries inched up. IT stocks rose after Infosys posted better than expected Q3 December 2007 results. Banking and realty stocks gained. The market breadth was weak. BSE Mid-Cap and Small-Cap indices underperformed Sensex.

The market breadth was weak on BSE with 548 shares advancing as compared to 1,894 that declined. Whereas, 61 remained unchanged and 18 shares in Sensex pack were in red.

Banking stocks went up. ICICI Bank was 3.93 per cent up to Rs 1,410. The stock rose for the second day in a row on reports the bank will list at least four arms starting with ICICI Securities in next 6 months though board is yet to decide on securities arm listing. The gain was also followed by HDFC Bank up 2.33 per cent and State Bank of India up 1.18 per cent.

Among realty stocks, Ansal Properties and Infrastructure was up 2.57 per cent, Phoenix Mills up 4.08 per cent, DLF was up 0.67 per cent and Indiabulls Real Estate was marginally up. Asian and European markets were mixed today.

FIIs were net buyers to the tune of Rs 663.54 crore in the futures and options segment yesterday. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 149.06 crore and bought index options worth Rs 286.05 crore. They were net buyers of stock futures to the tune of Rs 234.18 crore and sold stock options worth Rs 5.75 crore.


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