Sesnsex opens firm at 14,069.61, up by 28 pts

Mumbai, Jan 24 (UNI) The Sensex today opened positive at 14,069.61 points with a modest gain of around 28 points from its last close of 14,041.24 on fresh speculative demand from FIIs and mutual funds, operators said.

The market recovered from yesterday's fall, tracking firm Asian markets, a surge in FII inflow and an overnight rally in key Indian ADRs.

Cement shares recovered from yesterday's sharp fall. However, Cipla and Tata Motors flopped today after posting Q3 results on Tuesday after trading hours.

Later, the Sensex was up by 114 points, at 14,156.16 during the mid-morning session.

Meanwhile, the S&P CNX Nifty index of NSE resumed flat at 4066.60 points. The Nifty index recorded a high at 4098.25 points and a low at 4065.75 points during the morning session. The current index is quoted high at 4092.20 with a modest gain of 26 points from its last close of 4066.10 points.

Cement scrips recovered. Gujarat Ambuja Cements rose by 2.7 per cent to Rs 140.65, ACC advanced 2 per cent to Rs 1057.70 and Grasim gained 0.7 per cent to Rs 2827. Cement shares suffered heavily on Tuesday after the government revoked the 12.5 per cent customs duty on the commodity late on January 22.

ONGC rose 1.2 per cent to Rs 910.50, as oil prices staged a rebound. Reliance Communications gained 1.5 per cent to Rs 447.80.

Hindalco gained 1.6 per cent to Rs 167.60, tracking a recovery in global base metal prices. ICICI Bank hiked nearly 1 per cent to Rs 974, after its ADR hardened 1.8 per cent on Tuesday to USD 44.54.

Cipla was down by 0.7 per cent to Rs 252. Cipla reported a marginal 5.2 per cent growth in net profit in December 2006 quarter to Rs 184.38 crore (Rs 175.31 crore). Tata Motors dropped 1.5 per cent to Rs 935.

Asian markets were firm. Key benchmark indices in Hong Kong, Japan, South Korea, Singapore and Taiwan were up between 0.5 - 1.1 per cent.

The Dow Jones industrial average gained 56.64 points, or 0.45 per cent, to end at 12,533.80. The Standard&Poor's 500 Index added 5.04 points, or 0.35 per cent, to finish at 1,427.99.

The Nasdaq Composite Index inched up just 0.34 of a point, or 0.01 per cent, to 2,431.41.

Oil dipped below USD 55 a barrel after gaining nearly USD 2.50 on Tuesday, when the United States announced plans to build up emergency crude reserves, and as colder weather pushed up demand in the world's top consumer.

NYMEX crude for March delivery edged down 7 cents to USD 54.97 a barrel, brokers added.

UNI