Sensex opens on a rise by 14 pts at 13,630 pts

Mumbai, Nov 30: The Bombay Stock Exchange (BSE) Sensex today opened high at 13,630.90 points with a modest gain off around 14 points from it's last close of 13,616.73 points, on account of fresh speculative demand from Foreign Institutional Investors (FIIs) and domestic investors, brokers said.

The BSE Sensex surged in opening trade following a strong debut of real estate developer Parsvnath Developers, which was trading at Rs 556 in early trade, an 85 per cent premium over it's IPO price of Rs 300.

Firm Asian markets and broad overnight gains in Indian ADRs yesterday also aided the early surge today.

At 10:17 IST the Sensex was up 70 points, at 13,687. The Sensex later plunged after hitting 13,745.16, the day's high, within minutes of commencement of trade.

Meanwhile S&P CNX Nifty index of the National Stock Exchange (NSE) resumed high at 3929.40 points. The Nifty index recorded high at 3973.00 points in intra day session. The current index is quoted high at 3943.95 points with a modest gain of 15 points from it's last close of 3943.95 points.

IT shares were in demand following the gain overnight in ADRs.

Infosys rose 1 per cent to Rs 2,180, Satyam Computer gained 1.4 per cent to Rs 458 and Wipro rose 0.5 per cent to Rs 586. The ADRs of the IT triumvirate rose between 0.5 - 1.8 per cent yesterday.

TCS gained 1.2 per cent to Rs 1,179, after the company said it had signed a 7-year, USD 65 million deal with Somerfield.

L&T rose nearly 1 per cent to Rs 1,393, after the company informed yesterday that one of it's joint ventures had won a Rs 456 crore hydropower project order from state-run power utility NTPC.

Auto shares inched ahead on hopes that sales will pick up following cut in domestic retail fuel prices. Bajaj Auto rose 1 per cent to Rs 2,702, Maruti Udyog rose 0.5 per cent to Rs 926.75 and Tata Motors advanced by 0.7 per cent to Rs 815.90. The Government yesterday announced a cut in petrol price by Rs 2 per a litre and diesel by Re 1 per litre.

HDFC Bank climbed by 1.7 per cent to Rs 1,105, after it's ADR rose by 2 per cent yesterday to USD 75.38.

Index heavyweight Reliance Industries rose 0.5 per cent to Rs 1,255.90, brokers added.

UNI