Sensex opens firm at 10,931.17 pts, up by 300 pts

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Mumbai, Nov 5 (UNI) The 30-scrip Sensitive index (Sensex) of the Bombay Stock Exchange (BSE) today opened positive at 10,931.17 points, with a massive gain of 300.05 points, from its last finish of 10,631.12 on fresh heavy speculative demand from mutual funds and others.

Similarly, the 50-share Nifty Index of National Stock Exhange (NSE) also opened high at 3,155.75 points, with a gain of 13.65, from its last close of 3,142.10.

The Sensex is now up by 151.08 points at 10,782.20. It recorded the day's high at 10,945.41 points and low at 10,650.16 points.

While, the Nifty also advanced by 15.25 points at 3,159.95 points.

BSE Midcap and Small Cap indices rose over two per cent each.

Investors cheered Democrat Barack Obama's election victory as the next US president. Mr Obama captured the White House today, defeating Republican John McCain, to make history as the first black to be elected US president.

However, the market soon sharply cut its early strong gains.

Rally in Asian stocks and expectations that a cut in interest rates by state-run banks would result in lower borrowing costs for the corporates supported the market. The sentiment was also firm following a statement by the Commerce and Industry Minister Kamal Nath after trading hours on November three, that the government will further ease foreign investment rules, including those relating to defence production.

Asian stocks surged as investors welcomed the end to the uncertainty around the US presidential election. Japan's Nikkei average pared gains briefly after news of Democrat Barack Obama winning the US presidential election but still remained up 2.6 pc, buoyed by exporters and boosted by a softer yen. Key benchmark indices in China, Singapore, Hong Kong, Taiwan and South Korea were up from 0.29 pc to 5.63 pc, which helped boost the Indian bources, brokers pointed out.

The markets were trading off day's high, after giving up some early gains. Realty, banking, power and capital good stocks were on buyers' radar, while selling pressure was seen in telecom, select oil and metal stocks.

ONGC, ICICI Bank, DLF, NTPC, BHEL, Suzlon Energy, HDFC Bank, TCS, Sun Pharma, L&T, SBI, Wipro, HDFC, Maruti, Hero Honda, Unitech are supporting the markets, while Reliance Industries, Reliance Communication, Idea Cellular, BPCL, Bharti Airtel, SAIL, GAIL and Reliance Petroleum are under pressure.

Brokers feel market sentiment has improved. They believe fear has gone out of the market and said this would be positive for all equities. Considering the velocity with which the market has moved up. They believe there is still some steam left.


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