Sensex climbs nearly 225 pts in opening trade

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Mumbai, May 30: The Bombay Stock Exchange Sensex climbed about 225 points at 16,540, on fresh early buying interest in the opening trade. The market opened on a firm note after the market regulator Securities and Exchange Board of India (SEBI) yesterday, allowed sovereign wealth funds, university funds, endowments and charitable trusts to register as Foreign Institutional Investors (FIIs), brokers said.

Relaxation of norms on external commercial borrowings by the government and softening global crude oil prices also fuelled the positive rally on firm market sentiment, brokers added. The 30-share BSE Sensex was up by 135 points at 16,450 in the mid-morning trading session. The index had climbed 224.23 points at day's high of 16,540.49, in the early hours. The broader based S&P CNX Nifty index of National Stock Exchange was up by 50 points at 4880.

Derivative contracts for May 2008 series expired yesterday. As per reports, rollover of Nifty positions from May 2008 series to June 2008 series stood at 66 per cent as compared to 71 per cent in the previous expiry. Marketwide rollovers were 82 per cent as compared 81 per cent in the previous series.

Reliance Industries fell by 1.88 per cent at Rs 2423, ICICI Bank fell by 1.44 per cent at Rs 786, however, Larsen&Toubro surged by 3.60 per cent at Rs 2,993. Reliance Power was trading ex-bonus at Rs 249.50. The second date for 3:5 bonus issue is on June 2.

UNI

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