Sensex opens high at 13,256.81 pts

Mumbai, Dec 14: The BSE Sensex today opened positive at 13,256.81 with a handsome gain of around 75 points from its last close of 13,181.34 on sustained fresh select speculative demand from FIIs and some domestic institutional investors.

The Sensex surged in opening trade, tracking steady-to-firm Asian markets. Index heavyweights ICICI Bank, Infosys and Reliance Industries edged higher.

The Sensex was up 101 points, at 13,282. It had pared gains after having risen as many as 148.19 points, to 13,329.53, at 1006 hrs.

Meanwhile, the S&P CNX Nifty index of NSE resumed flat at 3765.70 points. The Nifty index recorded a high of 3804.50 and a low of 3763.50 points during the mid-morning session. The current index is quoted high at 3801.45 points with a modest gain of 36.25 points from its last close of 3765.20 points.

ICICI Bank gained 2.2 per cent to Rs 849, as the private sector bank raised lending rates by 50 basis points.

ICICI Bank said, the hike in lending rates for both corporate and consumer loans will take effect from 18 December. The bank raised its benchmark advance rate to 13.75 per cent from 13.25 per cent, while hiking its deposit rates by 25-75 basis points for varying maturities, to ensure accretion of deposits for credit needs.

Maruti Udyog rose 1.8 per cent to Rs 902.50, amid reports it will raise prices from January 2007 by as much as Rs 12,000, to help offset higher freight and component costs.

Reliance Communications up by 1.5 per cent to Rs 440, extended Wednesday's surge. The stock had surged on Wednesday boosted by reports that it is in talks with three US private equity groups, for buying the Indian operations of Hutchison Telecommunications International in a deal worth more than USD 14 billion.

Bharti Airtel, hiked 1.2 per cent to Rs 606, extended Wednesday's gain.

IT bellwether and index heavyweight Infosys gained one per cent to Rs 2,173. The Infy ADR rose 0.19 per cent on Wednesday to USD 54.03.

Oil exploration major ONGC rose 1.2 per cent to Rs 799. US crude oil futures for January delivery rose 35 cents to settle at USD 61.37 a barrel on the New York Mercantile Exchange on Wednesday, after government data showed crude inventories fell more than expected in the latest week. NYMEX January crude futures hit a session high, at USD 61.85.

Asian markets were in the green on Thursday. Key benchmark indices in Hong Kong, Japan, South Korea, Singapore and Taiwan were up by between 0.4-1 per cent.

US stocks closed little changed on Wednesday as surprisingly strong retail sales data raised hopes for the holiday season, offsetting a rise in oil prices that hurt industrial shares.

The Dow Jones industrial average advanced 1.92 points (0.02 per cent) to end at 12,317.50. The Standard&Poor's 500 Index rose 1.65 points (0.12 per cent) to finish at 1,413.21. The Nasdaq Composite Index eked out a gain of just 0.81 of a point (0.03 per cent) to close at 2,432.41, brokers said.

UNI