Sensex gains after initial slump

Mumbai, Nov 10 (UNI) The market firmed further today at noon as the Sensex was eyeing 13,200 points, as buying for blue-chip stocks began in earnest, stocks brokers here said.

At 11:30 hrs the Sensex was up 40.41 points, at 13,177.90. It opened firm at 13,187.51, and surged to a high of 13,190.84, as buying continued. However, selling began at that level and continued up to 13,104.98 points.

REL was the top gainer, up by 3.41 per cent at Rs 530.15. It's stocks moved in a range of Rs 507 to Rs 531.50.

Banking stocks were in flavour on renewed buying. ICICI Bank (up 2.25 per cent at Rs 816.25), HDFC Bank (up 2.24 per cent at Rs 1,040) and SBI (up 0.71 per cent at Rs 1,138.50).

Index heavyweight, Reliance Industries (RIL) was up 0.20 per cent, at Rs 1,264 on 16.30 lakh shares.

Satyam Compurters was the top loser, down 1.05 per cent at Rs 423.50, on a total volume of 3.60 lakh shares.

Among side-counters, NDTV lost 1 per cent at Rs 228, after NSE barred further F&O positions in the company as the 95 per cent marketwide position limit has been breached in the counter.

Indian Hotels rose 1 per cent at Rs 150, after the top-luxury chain said yesterday, that it had agreed to buy the Ritz-Carlton Boston hotel in the United States for USD 170 million.

US stocks fell for the first time in three days yesterday, led by a drop in the shares of big drug makers and health-care companies as investors worried that a Democrat-controlled Congress may curb prices.

A jump of more than 2 per cent in crude price and a weaker-than-expected reading in a gauge of consumer sentiment added to the weaker tone. The Dow Jones industrial average was down 73.24 points, or 0.60 per cent, to close at 12,103.30. The Nasdaq Composite Index was down 8.93 points, or 0.37 per cent, to end at 2,376.01.

Oil was steady above USD 61 a barrel after surging more than 2 percent on Thursday. OPEC is lowering output and members have said it may cut supply further in December -- as demand is nearing its seasonal peak due to the Northern winter, brokers added.

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