Sensex opens 40 points up at 16,823.99

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Mumbai, Apr 23: The BSE's 30 scrips of sensitive index today resumed positive at 16,823.99 points with small gain of 40.12 from its last close of 16,783.87 on fresh speculative demand from FIIs and domestic institutional investors (DIIs).

Brokers said, ''The heavy weight stocks opened on a firm note but soon slipped in the red on profit booking after six straight days of rally. The market breadth was strong. 20 shares from the 30-member Sensex pack advanced. Metal and banking stocks saw selling pressure. Software stocks were mixed. Later, the 30-share BSE Sensex was down 134.10 points or 0.80 per cent at 16,649.77 from its last finish. It opened with an upward gap of 40 points at 16,823.99 and advanced further to hit a high of 16,871.27 in early trade.

The broader based S &P CNX Nifty index of National Stock Exchange (NSE) was down by 74.57 points or 0.68 per cent at 5,014.85 from its last close of 5049.30. It resumed also low at 5044.35 points, later it recorded the day's high at 5083.50 and a low at 5009.35 points.

Asian markets were trading firm today as Nikkei was up by 0.80 per cent at 13,656.42 followed by Hong Kong's Hang Seng by 0.84 per cent at 25,149.06, Singapore's Straits Times by 0.44 per cent at 3,201.26, South Korea's Seoul Composite by 0.94 per cent at 1,804.21, Shanghai Composite by 3.08 per cent to 3,244.85, and Taiwan's Taiwan Weighted by 0.35 per cent to 9,067.45 edged higher, which did not impact on Indian bources, brokers pointed out.

US markets settled lower yesterday, on record crude oil prices and disappointing earnings from technology, health-care and consumer companies. The Dow Jones industrial average was down 0.82 per cent at 12,720.23. The Nasdaq was down 1.29 per cent to 2376.94. The S &P 500 index lost 0.88 per cent, at 1,375.

India's largest private steel steel maker in terms of sales, Tata Steel lost 2.54 per cent to Rs 761.10. It was the top loser from Sensex pack. The stock lost after the company said yesterday, it will not raise steel prices for the next two to three months. The company decided to hold the prices after Prime Minister Manmohan Singh urged steel makers to refrain from seeking windfall gains.

Hindalco Industries was down by 1.25 per cent to Rs 190.60 followed by Steel Authority of India by 4.45 per cent to Rs 175.20, and JSW Steel by 3.03 per cent to Rs 851 and also edged lower from metal pack.

India's largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) rose by 0.10 per cent to Rs 2,610.

Banking shares slipped on selling pressure. State Bank of India eased by 0.59 per cent to Rs 1722, HDFC Bank came down 2.30 per cent to Rs 1453.50, and ICICI Bank was also down 1.75 per cent to Rs 866.95 were the other losers from Sensex pack.

India's largest real estate developer in terms of market capitalisation, DLF gained 1.91 per cent to Rs 687.25 on 1.66 lakh shares.

It was the top gainer from Sensex pack.

Wipro was up by 1.36 per cent to Rs 436.55 and TCS rose by 1.35 per cent to Rs 899 and Infosys moved up by 1.32 per cent to Rs 1619.70 .

However India's fourth largest software services exporter Satyam Computer Services slipped 1.46 per cent to Rs 429.50.

Market may see volatile swings ahead of the expiry of April 2008 derivative series on Thursday, 24 April 2008. As per reports, Nifty rollover from April 2008 series to May 2008 series stood at 55 per cent by yesterday.

The near-term market will be driven by the quality of earnings rolled out by corporates in the coming days. Aggregate results of 204 companies showed 20.80 per cent rise in net profit on 33.40 per cent rise in net sales in Q4 March 2008 over Q4 March 2007. There was 38.80 per cent rise in net profit on 22.40 per cent rise in net sales in FY March 2008 over FY March 2007, brokers added.


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