Sensex opens up 60 points at 16,781.08

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Mumbai, Apr 25: The 30 scrips of sensitive index of Bombay Stock Exchange (BSE) today resumed positive at 16,781.97 points with a small gain of 60.89 from its last close of 16,721.08 on fresh speculative demand from FIIs and local operators due to firm global cues.

Brokers said, ''The select heavy weight scrips opened on a firm note on sustained buying support on good rollovers also lifted the sentiment. Bharti Airtel galloped after strong Q4 results. The market breadth was strong. US stocks rose on yesterday, as investors poured into beaten-down financial stocks on growing optimism, the worst may be over for banks, and after jobs and manufacturing data pointed to a resilient US economy.

Later, the current 30-share BSE Sensex was up by 159.19 points or 0.95 per cent at 16,880.27. It opened higher at 16,781.97 and advanced further to hit a high of 16,921.87 in early trade. The broader based S&P CNX Nifty index of NSE also rose by 56.20 points or 1.13 per cent at 5,056.45. It resumed flat at 4999.15, later it recorded the day's high at 5068.05 points and a low at 4999.15 points during the mid-session.

India's top cellular services provider in terms of market capitalisation Bharti Airtel surged 7.08 per cent to Rs 904 on 5.49 lakh shares due to better performance in annual result.

RelianceCommunications (RCom), the country's second biggest cellular services provider in terms of market capitalisation advanced 4.40 per cent to Rs 556.25. As per reports, Reliance Communications has acquired 90 per cent stake in a UK-based WiMax operator, ''eWave World''. RCom intends to invest USD 500 million in eWave to build and acquire WiMax networks in the emerging markets of Asia, Europe, Latin America and Africa.

India's largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) rose by 0.63 per cent to Rs 2,597.05 on 94,236 shares. RIL has got approval from the government for its oil and gas development plan at a field in its D6 block off the east coast. The MA field is estimated to produce 40,000 barrels of oil per day and 240 to 350 million cubic feet of gas per day from second half of 2008, RIL said late on April 24.

Mahindra&Mahindra was up by 1.62 per cent to Rs 640.25, Satyam Computer Services rose by 1.70 per cent to Rs 446.75 and ICICI Bank moved up by 1.45 per cent to Rs 889.15.

India's largest real estate developer in terms of market capitalisation DLF lost 1.44 per cent to Rs 665.05 on 1.38 lakh shares. It was the top loser from Sensex pack.

Hindustan Unilever was down by 1.36 per cent to Rs 246, Jaiprakash Associates came down by 0.85 per cent to Rs 244.35 and Larsen&Toubro eased by one per cent to Rs 2912 were the other losers from Sensex pack.

The alarming rise in inflation is a cause of concern, which is now way above Reserve Bank of India's caution limit of 5 per cent. All eyes will be on inflation figures for the week ended on April 12, which will be released by the government during trading hours today.

Market may stay cautious ahead of Reserve Bank of India (RBI)'s monetary policy review on April 29. Analysts are split on whether the central bank will raise interest rates.

Most Asian markets were trading firm today, as Japan's Nikkei was up by 2.40 per cent at 13,872.84 followed by Hong Kong's Hang Seng by 0.12 per cent at 25,712.64, Singapore's Straits Times by 0.59 per cent at 3,196.17 and South Korea's Seoul Composite by 1.27 per cent at 1,822.15 which helped to boost at Indian bources, stock brokers added.


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