Sensex opens high at 13,737.36 points

Mumbai, Dec 19 (UNI) The BSE Sensex today resumed high at 13,737.36 points with a modest rise of around six points from it's last close of 13,731.09 points, on scattered bull support by Foreign Institutional Investors (FIIs) and local investors, brokers said.

Later the market drifted lower in early volatile trade tracking weak Asian markets and data showing substantial FII sales yesterday.

The Sensex was down 121 points at 13,609. It hit a low of 13,600.21.

Meanwhile the S&P CNX Nifty index of NSE opened flat at 3928.85 points. Later it recorded a high and a low at 3931.90 and 3886.50 points during the mid-morning session. The current index is quoted lower at 3903.60 points with a modest loss of 25 points from it's last close of 2928.75 points.

IT stocks edged lower following overnight fall in tech laden Nasdaq composite index. Infosys shed 1.5 per cent to Rs 2188.95, Satyam Computer lost 1.2 per cent to Rs 473, TCS shed 0.5 per cent to Rs 1175 and Wipro lost 0.5 per cent to Rs 579. Infosys ADR lost 2% yesterday to USD 53.64, Satyam Computer ADR shed 2.4 per cent to USD 23.50 and Wipro ADR lost 0.7 per cent to USD 15.65.

Reliance Industries lost 0.4 per cent to Rs 1282.90 notwithstanding reports that Reliance Industries and it's partner Niko Resources have discovered huge oil in the hydrocarbon rich Krishna-Godavari basin.

ONGC shed 0.5 per cent to Rs 850 after yesterday's surge triggered by news of a huge gas find by the company.

Tata Steel rose 0.7 per cent to Rs 471 following reports the UK Takeover Panel is putting the Corus deal on the fast track by planning to auction Anglo-Dutch steel company Corus to the two rival suitors Tata Steel and Brazil's CSN.

Tata Motors shed 1.2 per cent to Rs 878 despite a 2.1% gain in it's ADR yesterday to USD 19.81.

Sugar scrips surged after the Union Cabinet yesterday decided to allow sugar companies with export obligation under the Advance License (AL) scheme to undertake exports. Sakthi Sugar rose 10 per cent to Rs 113.50, Balrampur Chini Mills gained 7 per cent to Rs 88, Triveni Engineering rose 6% to Rs 53.75 and Bajaj Hindustan rose 6 per cent to Rs 241.

Trading on the stock market in Thailand was halted today after the key benchmark index plunged 10 per cent, brokers said.

Key benchmark indices in Hong Kong, Japan, South Korea, Singapore and Taiwan were down by between 0.15 per cent to 1.6 per cent. The Bank of Japan today kept interest rates unchanged at 0.25 per cent.

US stocks fell on Monday as investors locked in profits after tumbling oil prices hurt energy shares such as Exxon Mobil Corp., overshadowing gains earlier in the session on news of at least USD 82 billion in corporate takeovers.

The Dow Jones industrial average was down 4.25 points, or 0.03 percent, to end at 12,441.27.

The Nasdaq Composite Index was down 21.63 points, or 0.88 per cent, to close at 2,435.57.

Crude was steady after Monday's fall. Nymex crude was hovering at USD 62.25 a barrel, brokers added.

UNI AR WD AW1213