Sensex opens at 13,107.37, up 58 points

Mumbai, Mar 9 (UNI) The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) today resumed on a positive note gaining 58.02 points to open at 13,107.37 from its previous close of 13,049.35, but sunk in the red as selling began.

The BSE Sensex surged to strike an intra-day high of 13,145.72.

However, it was not able to sustain the higher levels, and succumbed to selling pressure. The benchmark Sensex has slipped to a low of 12,956.80, as selling picked up pace.

Volatility was severe in the opening session, which was peppered with wild swings of the benchmark index on either sides, brokers disclosed.

Among the broader markets, the Nifty Index of the National Stock Exchange (NSE) opened flat at 3,761,85, compared to its previous close of 3,761.65. During intra-day trading, it touched a high of 3,795.70 and a low of 3,740.80.

Among the BSE Sensex pack, Gujarat Ambuja Cements advanced by 1.86 per cent to close at Rs 115, on a volume of 3.25 lakh shares.

PSU engineering major BHEL slipped 2.73 per cent to Rs 2,116.

Index heavyweight Reliance Industries (RIL) was down by 0.36 per cent to close at Rs 1,332, on a volume of 1.30 lakh shares.

FMCG major HLL was down one per cent to Rs 182.10 on 65,804 shares, after surging close to 10 per cent on huge volumes yesterday.

Cigarette major ITC was up 1.53 per cent to Rs 162.30, on a volume of 1.18 lakh shares.

Idea Cellular was trading at Rs 85.05 in early trade on NSE, a premium of 13.4 per cent over the IPO price of Rs 75.

The stock debuted at Rs 85. It had hit a low of Rs 84.40, and a high of Rs 92. A staggering 3.2 crore shares changed hands in the counter on NSE within just a few minutes of trade.

The National Stock Exchange (NSE) has also added Idea Cellular in futures and options segment from day one of its listing today. The lot size of Idea Cellular in F&O segment is 2,700.

The key economic data today is that on wholesale price inflation.

The inflation rate is forecast at 6.03 per cent for the 12 months to February 24, 2007, marginally down from 6.05 per cent.

Indian stocks had tumbled in the last few days due to a sell-off in the global markets, with the disappointing Union Budget 2007-08 of February 28, 2007 only compounding their woes. The fall was accentuated as margin calls were triggered.

UNI