Sensex opens firm at 12,972.90 points, up by 275 pts

Mumbai, Mar 7 (UNI) The 30 scrips of the BSE Sensex today resumed positive at 12,972.90 points with a massive gain of around 275 from its last close of 12,697.09 points on sustained heavy speculative demand from FIIs and Mutual funds in view of firm advice from Asian markets, brokers said.

They informed that key benchmark indices in Hong Kong, Singapore, Australia, Taiwan, South Korea and China were up 0.3 - 1.6 per cent on Wednesday. But Japan's Nikkei 225 average slipped into the red after a firm start. It was down 0.4 per cent. Asian markets had risen 1 - 2 per cent yesterday as investors resorted to bargain-hunting.

The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened firm, as buying continued following a 275-point spurt. Later, it was up 166.57 points, at 12,863.36 in mid-morning session. It had opened higher, at 12,792.90, and surged to an intra-day high of 12,902.18, tracking firm Asian markets.

US stocks too extended their recovery yesterday. The Dow Jones industrial average rose 157.18 points, or 1.30 per cent, to 12,207.59. The Standard&Poor's 500 index gained 21.29 points, or 1.55 per cent, to 1,395.41.

The NASDAQ composite index also led the rebound on Wall Street, climbing 44.46 points, or 1.90 per cent, at 2,385.14. Stocks shrugged off US data showing a big drop in pending US home sales and a decline in factory orders.

Equities across the globe had declined sharply over the past few days due to worries pertaining to the US economy, volatile markets in China, and more frequently, the unwinding of yen carry trades, or when investors borrow the yen to take advantage of low interest rates in Japan, and then invest in higher-yielding assets. The key data this week is the US non-farm payroll for February 2007, due on Friday (March 9, 2007).

Meanwhile, the S&P CNX Nifty index of NSE also opened firm at 3,661.55 points. later it registered a high at 3,714.75 and a low at 3,655.85 points during the morning session. The current index is quoted high at 3,678.75 with a modest gain around by 13 from its last finish of 3,655.65 points.

Frontline IT stocks moved higher for the second straight day.

Satyam Computers (up 2.63 per cent to Rs 445.35), Infosys Technologies (up 1.12 per cent to Rs 2,140), Wipro (up 1.44 per cent to Rs 589.10) and TCS (up 1.31 per cent to Rs 1,214.80) advanced.

Index heavyweight Reliance Industries (RIL) was up 1.58 per cent to Rs 1,319.95 on 77,793 shares.

Gujarat Ambuja Cements (down 3.21 per cent to Rs 110.15) and ACC (down 1.51 per cent to Rs 841.50) were the losers.

The New public issue of MindTree Consulting was trading at Rs 660.90 on NSE, a premium of 55.5 per cent over IPO price of Rs 425.

The stock debuted at Rs 627. It hit a low of Rs 590 and a high of Rs 668.80. A huge 15.2 lakh shares had changed hands in the counter, brokers added.

UNI