Sensex opens firm at 13,545.60 points

Mumbai, Dec 15: The BSE Sensex today opened high at 13,545.60 points against 13,487.16 on the previous day's close on fresh speculative demand in select scrips by FIIs and local investors.

Firm global markets, overnight gains by Indian ADRs and heavy FII buying lifted the bourses in opening trade.

Bank shares were in demand and index heavyweight, Infosys, firmed up.

The Sensex was up by 142 points, at 13,629 and it rose to 158.18 points, to 13,645.34.

Meanwhile, the S&P CNX Nifty index of NSE also resumed high at 3849.60 points from its last close of 3843.05 points. The Nifty index recorded a high and a low at 3889.95 and 3845.45 points, respectively, during the mid-morning session. The current index is quoted high at 3884.45 with a modest gain of 41.40 points from its last close.

Software major Infosys rose by 1.2 per cent to Rs 2,225, after its ADR rose 2.1 per cent to USD 55.20 on Thursday. Satyam Computer hiked 1.8 per cent to Rs 476.25 after its ADR rose 3.6 per cent on Thursday, to USD 23.79. Wipro rose 0.4 per cent to Rs 573 and its ADR rose 3.2 per cent to USD 15.60 on Thursday.

Bank pivotals were in demand. HDFC Bank gained 1.8 per cent to Rs 1,066 after its ADR rose four per cent on Thursday, to USD 74.73.

ICICI Bank gained 1.2 per cent to Rs 880 after its ADR rose 4.3 per cent, to USD 40.01 on Thursday. State Bank of India rose 1.5 per cent to Rs 1,242. Key economic data due today, is the weekly inflation data at 1200 hrs. Estimates put the inflation rate at almost the same from 5.30 per cent in the previous week.

Tata Steel surged 4.6 per cent to Rs 456. Copper and aluminium major Hindalco rose three per cent to Rs 177.50. ACC rose 1.5 per cent to Rs 1,048. Ranbaxy gained 1.4 per cent to Rs 376, after the company said it has approval of the US Food and Drug Administration to manufacture and market Cefprozil anti-infective tablets.

Dr Reddy's Lab hiked 1.4 per cent to Rs 816, after its ADR rose 3.6 per cent on Thursday to USD 17.85.

Tata Motors rose one per cent to Rs 862.50, after it decided to jointly invest Rs 4,000 crore with Fiat, in a car and engine making facility at Ranjangaon, Pune.

Asian markets were steady-to-firm on Friday following overnight gain in US stocks on Thursday. Key benchmark indices in Asia were up between 0.19-1 per cent.

US stocks surged on Thursday, driving the Dow industrials to a record close on strong earnings from companies such as investment bank Bear Stearns Company, and an improving outlook for the US economy.

The Dow Jones industrial average gained 99.26 points (0.81 per cent), while the Standard&Poor's 500 Index jumped 12.28 points (0.87) per cent to end at 1,425.49.

The Nasdaq Composite Index finished up 21.44 points (0.88 per cent) at 2,453.85. The Dow notched its 19th record close since the beginning of October, closing at 12,416.76, while the S&P 500 hit a six-year high.

Nymex crude was flat at USD 62.54 on Friday after a nearly two per cent jump on Thursday due to an OPEC decision to cut production once again, brokers added.

UNI