Sensex opens low at 8446.74 pts, down by 4 pts

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Mumbai, Nov 21 (UNI) The 30 scrips sensitive index of Bombay Stock Exchange (BSE) today resumed low at 8,446.74 points, with a small loss of 4.27, from it last finish of 8451.01 on fresh selling pressure from FIIs and others.

However, the Sensex later recovered by 289.30 points at 8,740.31 points in the mid-morning session on hopes of further cuts by RBI in key rates to shield the domestic economy from the global economic slowdown, aiding the rebound on the domestic bourses. The index hit the high of 8,774.94 in the early trade.

Positive news from the US after trading hours there, triggered recovery in Asian stocks after an initial slide caused by weak US economic data. The Nikkei share average turned positive after falling three per cent earlier. It was now up by 0.76 per cent. Key benchmark indices in Hong Kong, South Korea, Singapore and Taiwan were up between 0.58 per cent and 3.07 per cent, leading brokers said.

Meanwhile, the S &P CNX Nifty of National Stock Exchange (NSE) resumed flat at 2553.60, though it later rose by 85.70 points at 2,638.85 in intra-day trade, from it last finish of 2553.15. The BSE Mid-Cap index up by 0.2 per cent at 2,901.52 and the BSE Small-Cap index up by 0.13 per cent at 3,389.72. Both the indices underperformed the Sensex.

Reliance Industries (RIL) rose by 1.77 per cent at Rs 1,077.20, on reports of the company seeking nod to restart fuel retailing. ONGC hiked by 3.34 per cent at Rs 673, after ONGC and its partners bagged 20 out of the 44 blocks, that have been awarded under the seventh round of the New Exploration Licensing Policy (NELP-VII). Hindalco Industries was up by 3.2 per cent at Rs 51.60, followed by Mahindra &Mahindra by 2.47 per cent at Rs 309. Reliance Infrastructure surged by 2.13 per cent at Rs 434.40, Bharti Airtel by 1.99 per cent at Rs 604. These were the major gainers from the Sensex pack.

Banking stocks gained amidst volatility, as hopes of a further cut in interest rates on easing inflation, offset fall in American Depository Receipts (ADRs). HDFC Bank rose by 1.59 per cent even as ADR slumped by 9.66 per cent. State Bank of India (SBI) hiked by 2.01 per cent after it got RBI's approval for a proposed joint venture with a unit of French Bank Societe Generale. ICICI Bank was up by 0.76 per cent.

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