Sensex opens firm at 14,116.25 points today

Mumbai, Jan 17: The sensitive index of Bombay Stock Exchange (BSE) today opened positive at 14,116.25 points against 14,114.73 points on the previous day's close, on scattered bull support by FIIs and mutual funds, brokers said.

The Sensex opened firm, as buying continued for index pivotals, especially Wipro, which came out with strong results for the December quarter.

Later, the BSE Sensex was up by 29.26 points, to 14,143.23. It had opened higher, at 14,170.65, and slipped to a low of 14,094.50, where it recovered to again reach a high of 14,157.02.

Meanwhile, the S&P CNX Nifty index of NSE resumed higher at 4084.90 points. Later it recorded a high of 4,096.75 points and a low of 4075.10 points in mid-morning session. The current index is quoated still high at 4,091.15 points with a modest gain of 11 points from its last close of 4080.50 points.

Cement maker ACC was the top gainer, up 1.51 per cent to Rs 1115, on a volume of 16,769 shares.

Satyam Computer was up by 1.22 per cent to Rs 511.90, Gujarat Ambuja Cement was up by 0.87 per cent to Rs 145.20 and Grasim was up by 1.15 per cent to Rs 2894 followed.

Wipro rose 1.02 per cent to Rs 643.35, after the company reported a 40 per cent year-on-year rise in net profit in December 2006 quarter as per US accounting standards to Rs 745 crore in December 2006 quarter. Total revenue surged 43 per cent to Rs 3,964 crore.

Global IT services and products revenue was Rs 2,867 crore, an increase of 35 per cent over the same period last year.

Index heavyweight Reliance Industries (RIL) rose 0.60 per cent to Rs 1355, on a volume of 49,229 shares. RNRL jumped seven per cent to Rs 29.40, on a huge early volume of 79.86 lakh shares.

Krebs Biochemicals jumped five per cent to Rs 99.05, amid reports that pharma major, Ranbaxy, has acquired 14.95 per cent stake in the company.

ONGC was the top loser, down by 0.67 per cent to Rs 913.70, on 12,988 shares.

US blue-chips rose on Tuesday on earning optimism, while the broader market ended little changed as gains were offset by a sharp drop in oil prices that hurt energy shares.

The Dow Jones industrial average was up by 26.51 points (0.21 per cent), at 12,582.59. The Standard&Poor's 500 Index was up by 1.17 points (0.08 per cent), at 1,431.90.

But the Nasdaq Composite Index was down by 5.04 points (0.20 per cent), at 2,497.78.

Oil price declined sharply on Tuesday after Saudi Arabia said OPEC production cuts were working well, and that there was no need for an emergency meeting of the producer group. US crude for February delivery fell USD 1.78 to settle at USD 51.21 a barrel, after hitting a session low at USD 50.55 on the New York Mercantile Exchange, brokers said.

UNI