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Sensex resumes high by 26 points at 12,655.94

By Staff
Google Oneindia News

Mumbai, Mar 15: The BSE Sensex today resumed firm at 12,655.94 with a modest gain around 26 points from it last close of 12,529.62 on fresh speculative demand from Foreign Institutional Investors (FIIs) and mutual funds.

The benchmark Sensex opened with a sharp upward gap, as buying continued tracking firm global markets. In the past few days, the domestic bourses had been sliding because of weakness in the global markets.

Later, the BSE Sensex was up 188.25 points to close at 12,717.87.

It had opened higher, at 12,655.94, and surged to 12,763.27. The Sensex's low for the day is 12,655.94.

Meanwhile, the S&P CNX Nifty index of NSE also opened firm at 3644.90. Later it registered a high at 3707.55 and a low at 3644.90 during the mid-morning session. The current index is quoted high at 3700 with a major gain around by 49 points from it last finish of 3641.10.

All members from the Sensex pack, except HDFC (down 0.65 per cent to Rs 1545) had advanced.

Pharma major Dr Reddy's Labs was the top gainer, up by 3.78 per cent to Rs 670.50, on a volume of 19,651 shares in intra day trades.

ITC gained by 3 per cent to Rs 147.50, on reports ITC's food unit is likely to bid for Britain's Patak's, valued at about 200 million pounds (USD 387 million).

Bhel rose nearly by 2 per cent to Rs 2070, on reports a Bhel- Siemens consortium has bagged a 235 million euro order from Power Grid Corporation.

Reliance Industries (RIL) hiked by 1.3 per cent to Rs 1320, on reports in a section of the media that it had inched closer to signing a memorandum of understanding (MoU) with the USD 49 billion US-based Dow Chemicals, to set up a joint venture (JV) company for the latter to transfer assets from its commodity plastics and chemicals business to the JV.

Software pivotals were in demand following a near 1 per cent rise in tech laden Nasdaq Composite Index on Wednesday. Infosys gained by 1.3 per cent to Rs 2046, Wipro rose by 1.5 per cent to Rs 564 and TCS gained by 1.6 per cent to Rs 1234.

Satyam Computer advanced nearly 2 per cent to Rs 441, on reports it was looking at acquiring a telecom or technology consulting firm in the United States or in Europe, for up to USD 50 million.

All the Asian markets were trading in the green today, tracking a recovery on Wall Street on Wednesday. A falling yen also encouraged investors to look for bargains and pick up shares in exporters. Key benchmark indices in Hong Kong, Japan, South Korea, Singapore, China and Taiwan were up between 0.7 and 1.7 per cent.

US stocks posted modest gains on Wednesday, as worries eased about losses for firms operating in the subprime mortgage sector --which lends to borrowers with a weaker credit history -- might spill over into the wider economy and slow growth.

The Dow Jones Industrial Average gained by 57.44 points (0.48 per cent), to settle at 12,133.40. The Nasdaq Composite Index advanced 21.17 points (0.9 per cent), to 2,371.74, brokers added.


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