Sensex opens up 60 pts at 13,345.73

Mumbai, Mar 26: The Bombay Stock Exchange (BSE) Sensex today opened firm at 13,345.73 points, with a modest gain by around 60 points, from the previous day's close of 13,285.93 points on fresh speculative demand from Foreign Institutional Investors (FIIs) and domestic mutual funds, brokers said.

The Sensex opened firm because buying in the index pivotals continued.

Having opened firm at 13,345.73, the Sensex surged to 13.347.85 points. Its low was 13,290.49 points in the mid-morning session.

Meanwhile, the S&P CNX Nifty index of National Stock Exchange (NSE) resumed high at 3,863.45 points. Later it recorded a high at 3,885.45 points and a low at 3,849.35 points in the intra-day trade.

The index is currently low at 3,855.50 points, with a modest loss of six points from it last close of 3,861.05 points.

Volatility may remain ahead of the expiry of March 2007 derivative contracts. With the market scheduled to remain closed tomorrow for a public holiday on account of Ram Navami, only three trading sessions are left for the expiry of the March 2007 contracts.

ICICI Bank was the top gainer, up by 1.30 per cent, to Rs 906.15, on a volume of 27,619 shares.

Gujarat Ambuja Cements (up by 1.19 per cent to Rs 106.70), Grasim (up by 1.20 per cent to Rs 2102) and Tata Steel (up by 1 per cent to Rs 443), were the other gainers.

Index heavyweight Reliance Industries Limited (RIL) was down by 0.15 per cent to Rs 1377.25, on a volume of 31,279 shares. RIL informed BSE that a separate meeting of equity shareholders, secured creditors (including debenture-holders) and unsecured creditors, will be held on April 21 for the purpose of approving the scheme of amalgamation of Indian Petrochemicals Corporation Limited (IPCL) with itself.

HDFC was the top loser (down by 2 per cent to Rs 1562), as 5,692 shares changed hands in the counter.

Tata Motors (down by 1.56 per cent to Rs 777.10), L&T (down by 1.80 per cent to Rs 1603), and HDFC Bank (down by 1.20 per cent to Rs 998) were the other losers.

Sparsh BPO Services was trading at Rs 147 on BSE in early trade.

The company was listed on BSE today. The stock also hit a low of Rs 104.75 and a high of Rs 147. A strong 2.9 lakh shares changed hands in the counter on BSE. Sparsh BPO Services listing on BSE follows a restructuring scheme of Spanco Telesystems and Solutions.

A day ahead of its listing, the BSE had set Rs 130.90 as base price of Sparsh with 20 per cent daily circuit filters.

The Asian markets were mostly in the green today, as a 3.9 per cent rise in sales of existing US homes in February, the largest in three years, helped ease worries about a broader US economic slowdown.

However, gains across the region were muted. Key benchmark indices in Hong Kong, China, South Korea, Singapore and Taiwan were up between 0.01 and 0.71 per cent.

US blue-chip stocks crept higher on Friday, as tension in the Middle East lifted oil prices and thus shares of energy companies.

The Dow Jones industrial average rose 19.87 points, or 0.16 per cent, to end at 12,481.01.

The Standard&Poor's 500 Index inched up 1.57 points, or 0.11 per cent, to finish at 1,436.11 points. But the Nasdaq Composite Index slipped 2.81 points, or 0.11 per cent, to close at 2,448.93 on Friday, brokers added.

UNI

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