Sensex spurts; touches high of 10,981.97 points

Mumbai, May 29: The 30 share Sensitive Index (Sensex) of the BSE spurt in opening trades and continued to rally for the third straight day, as buying emerged after a sharp fall in the past few trading sessions and mutual funds have been providing support in the falling market in the last few days.

At 1018 hrs, the Sensex was up 151 points on 10,959.32. It opened higher at 10,855.03 and hit a high of 10,981.97 as buying intensified. On the lower side, it touched 10,855.03 for the day's trading session so far.

At 1200 hrs the sensex was trading at 10,932 points up by 127 points from the previous close.

S&P CNX Nifty was also strong at 3229.15 up 20 points from the previous close. At 1200 hrs nifty was trading at 3238 points up by 28 points.

Some of the important gainers on the sensex were Kotak Mahindra up by 10.9 per cent, GTL Ltd, Adani Exports, Rashtriya Chemicals Indian Overseas Bank and Titan Industries all up between 4-10 per cent mark.

The losers on the index were Gail, NTPC, Dr Reddys Laboratory, Bharti Tele, Airtel and HCL which were all in red in the mid morning session trade.

Experts feel the fundamentals of the Indian corporate sector are strong and also strong corporate earnings would restrict downside on the domestic bourses.

The firm US stocks on Friday also helped the momentum in initial trades. Also, mutual funds have been providing support in the falling market.

UNI