Sensex resumes firm at 13,236 pts, up by 50 pts

Mumbai, Apr 10 (UNI) The BSE Sensex today resumed positive at 13,236.20 with a modest gain around by 50 points from its last finish at 13,177.74 points on fresh buying support from Foreign Institutional Investors(FIIs) and mutual funds, brokers said.

The BSE Sensex stayed firm in the opening session, as buying continued following the over 300-point spurt yesterday.

Later,the BSE Sensex was up 21.37 points, to close at 13,195.55.

It had opened higher at 13,236.20, and struck another high of 13,222.14. The benchmark index also fell to a low of 13,149.49 points.

Meanwhile, the S&P CNX Nifty index of NSE also opened firm at 3844.15. After it recorded a high at 3857.05 and a low at 3829.90 during the mid-morning session.

Cigarette major ITC was the top-gainer, up by 1.71 per cent to Rs 158, on a volume of 3.10 lakh shares at BSE.

Tata Motors advanced by 1.51 per cent to Rs 714, on high early volumes of 10.58 lakh shares. Four block deals of 2.53 lakh shares were struck at an average Rs 708.37 per share.

Gujarat Ambuja Cements (up by 1.20 pc), REL (up by 0.63 pc) and Tata Steel (up by 0.73 pc) were the other gainers.

Index heavyweight Reliance Industries was down by 0.40 pc to Rs 1378.50, as 44,922 shares changed hands in the counter on BSE.

Dr Reddy's was the top-loser, down by 1.46 pc to Rs 719.70.

Banking stocks saw profit-booking. SBI (down by 1.29 pc), HDFC Bank (down by 1.01 pc), and ICICI Bank (down by 0.64 pc) declined.

Brokers said due to the surge in global prices of copper, Sterlite Industries rose nearly by 3 pc to Rs 484, while Hindalco gained 0.7 pc to Rs 136.80. Copper futures for delivery in three months jumped 5.5 pc on the London Metal Exchange on last night, when the market reopened after a four-day long weekend.

Copper prices advanced following gains in Shanghai, which had remained open during the break. Shanghai's most active June copper futures rose by 3.3 per cent to 71,950 yuan on today from 69,650 yuan on yesterday, as positive US jobs data from Friday continued to support confidence in the global economy.

Asian markets were mixed on this morning session. Key benchmark indices in China, Japan, South Korea and Taiwan were down between 0.3 - 0.5 pc. Key benchmark indices in Hong Kong and Singapore were up between 0.01 - 0.4 pc.

Bank of Japan (BoJ)'s two-day policy meeting concludes today. The BoJ is seen keeping the overnight call rate unchanged at 0.5 pc, at the meeting. Investors will look for clues about the BoJ's view on prices, as well as the health of the economy, in comments from BoJ Governor Toshihiko Fukui at a post-meeting news conference.

US stocks closed flat on last night as news that billionaire investor Warren Buffett had bought stakes in the railroad sector and strong jobs data offset worries about earnings and subprime loans.

The Dow Jones also industrial average rose by 8.94 points, or 0.07 pc, to end at 12,569.14. The Standard&Poor's 500 Index gained by 0.85 of a point, or 0.06 pc, to finish at 1,444.61. But the Nasdaq Composite Index dipped 2.16 points, or 0.09 pc, to close at 2,469.18 on yesterday.

US crude oil for May delivery fell ISD 2.77 to settle at USD 61.51 a barrel on last Monday, after Iran last week released British sailors and marines captured earlier, brokers added.

UNI