Sensex opens firm at 13,398.13 pts, up by 14 pts

Mumbai, Dec 22: The BSE Sensex today opened firm at 13,398.13 points with a modest gain of around 14 points from its yesterday's close of 13,384.86 points on fresh speculative demand from FIIs and local investors, brokers said.

The market edged slightly higher in opening trade tracking small gains in Asian markets. Cement pivotals were in demand. Later, the Sensex was up 30 points at 13,415 points.

The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) moved between positive and negative zone in early trade. It moved between a high of 13,421.87 points and a low of 13,362.11, compared to yesterday's closing of 13,384.86 points. The current index is quoted high at 13,459.80 points with a handsome gain of 74.94 points from its last close.

Meanwhile, the S&P CNX Nifty index of NSE also resumed high at 3,834.90 points from its last close of 3,833.50 points. Later, the Nifty index recorded a high and a low at 3,860.85 points and 3,823.40 points during the mid-morning session. The current index touched a high at 3,858.60 with a modest gain of 25.10 from its last close.

Cement shares were in demand. ACC rose nearly one per cent to Rs 1,039 and Gujarat Ambuja Cements advanced one per cent to Rs 134.

Maruti Udyog share prices increased 0.4 per cent to Rs 930. The government yesterday decided to sell its remaining 10 per cent stake in the car major in favour of banks and financial institutions.

Ranbaxy gained 0.7 per cent to Rs 388.95 after the company's information that it had been granted final approval by the US Food and Drug Administration to market Simvastatin tablets. Infosys rose 0.3 per cent to Rs 2,167.80 after its ADR rose 1.5 per cent yesterday to USD 53.52.

Satyam Computer Services dropped 0.4 per cent to Rs 463.90. HDFC Bank dropped 0.4 per cent to Rs 1,006.

Index heavyweight Reliance Industries (RIL) rose 0.2 per cent to Rs 1,264.50. Total 49,195 shares changed hands in the counter on the BSE.

Gammon India plunged nearly six per cent to Rs 386 after the SEBI yesterday barred Gammon India and its chairman Abhijit Rajan from accessing the capital markets for one year, in investigations into use of company funds for a rights issue and failure to make certain disclosures.

Asian markets were in the green today. Key benchmark indices in Hong Kong, Japan, South Korea, Singapore and Taiwan were up from 0.02 per cent to 0.6 per cent.

US stocks dropped on Thursday as concerns that economic growth could be slowing faster than expected dented optimism about corporate profits. Reports that showed a contraction in regional business activity and a downward revision in GDP data overshadowed a fresh flurry of corporate takeovers.

The Dow Jones industrial average was down 42.62 points, or 0.34 percent, to end at 12,421.25. The Standard&Poor's 500 Index was down 5.22 points, or 0.37 percent, to finish at 1,418.31.

The NASDAQ Composite Index was down 11.76 points, or 0.48 percent, to close at 2,415.85.

US crude was steady at USD 62.66 a barrel in early Asian trade on Friday. It had declined sharply on Thursday on unusually mild temperatures in the United States, brokers added.

UNI

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