Sensex hits 13,700 points after opening high at 13,625.09

Mumbai, Nov 22: The Bombay Stock Exchange (BSE) Sensex today crossed the 13,700 mark, touching a new high of 13,724.12 points, after opening high at 13,625.09 points, on account of sustained heavy speculative demand by foreign institutional investors (FIIs), brokers said.

The market surged in opening trade with the barometer index, the BSE Sensex, striking a new high above 13,700. Firm Asian markets aided the surge in opening trade.

The market shrugged off Sebi's interim order directing two depositories and eight depository participants to pay about Rs 116 crore, as compensation to retail investors who suffered opportunity loss in the IPO scam that came to light last year.

At 10:22 IST the Sensex was up 85 points, at 13,701. The Sensex hit a life high of 13,704.19.

Metal shares rose tracking firm global metal prices. Hindustan Zinc gained nearly 4 per cent to Rs 904.40. Sterlite Industries rose 1.3 per cent to Rs 524.55.

Reliance Energy gained 2.3 per cent to Rs 545, after the company yesterday said it had completed private placement of debt with US financial institutions. The USD 150 million transaction was closed on 20 November 2006, with an investor group of eight leading US financial institutions, it said.

Oil exploration major ONGC rose 1.8 per cent to Rs 860.90, as US crude surged above USD 60 a barrel level.

Cement shares were in demand on firm cement prices. UltraTech Cement gained 1.4 per cent to Rs 910, Gujarat Ambuja Cements rose 1.5 per cent to Rs 139 and ACC added 0.6 per cent to Rs 1,080.

Index heavyweight Reliance Industries (up 0.7 per cent to Rs 1,283.85) extended yesterday's gain.

However, Infosys lost 0.5 per cent to Rs 2,240 after its ADR lost 3.3% yesterday, to settle at USD 53.44.

Asian stock markets rose today as shares in Australian airline Qantas surged on a takeover approach and chip makers were boosted by better-than-expected earnings from US PC maker Dell. Key benchmark indices in Australia, Hong Kong, Japan, South Korea, Singapore and Taiwan were up between 0.3 - 1.5 per cent, brokers added.

UNI

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