BSE Sensex: Markets open in green

By Staff
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Google Oneindia News

Mumbai, Apr 17: The BSE Sensex today opened higher by 37.60 points at 13,733.18 from its previous close of 13,695.58 points in the backdrop of firm global bourses and continued buying by foreign institutional investors (FIIs).

Meanwhile, the Nifty Index also opened marginally higher by 1.05 points at the National Stock Exchange (NSE) at 4,014.40 from its previous all-time high of 4,013.35 points.

At the Bombay Stock Exchange (BSE), Software major Satyam Computers was the top-loser, down 3.56 per cent to Rs 462.30, on a volume of 1.81 lakh shares. TCS slipped 2.35 per cent to Rs 1,250, as 1.89 lakh shares changed hands in the counter on the BSE.

The Rupee's surge is a cause of concern for IT firms, as it directly impacts their revenue and profits, a lion's share of which is accounted for by exports. IT companies use the tool of hedging to mitigate risks associated with currency movements, market analysts explained.

Among other IT stocks, Infosys was down 1.42 per cent to Rs 2,098 and Wipro was down 1.85 per cent to Rs 575.75. HDFC Bank was the top-gainer, up 1.80 per cent to Rs 989.

Gujarat Ambuja Cements (up 1.11 per cent), L&T (up 1.01 per cent), and ACC (up &xD;0.89 per cent) were the other gainers.

Markets in the Asia-Pacific were mostly in the red today after US stocks surged yesterday. Key benchmark indices in South Korea, Australia, Singapore, Taiwan and Hong Kong were down between 0.08 - 0.77 per cent.

Australian and South Korean stocks eased after hitting record-highs earlier during the day.

US stocks edged up yesterday, buoyed by a USD 25 billion buyout of student-lender, Sallie Mae, and following strong retail sales in March renewing optimism about economic growth. The Dow Jones industrial average shot up 108.33 points, or 0.86 per cent, to end at 12,720.46 within shouting distance of its record-high of 12,795.93 set on 20 February 2007.

The S&P 500 gained 15.62 points, or 1.08 per cent, to close at 1,468.47. The &xD;NASDAQ Composite Index advanced 26.39 points, or 1.06 per cent, to finish at 2,518.33.

World stock markets hit record peaks today after top policymakers highlighted the strength and improving balance of global economic growth, encouraging already bullish investors to increase their appetite for risk. The G7 leaders said the US economy remained solid despite the weight of a housing slump, while Europe was showing a healthy upswing and Japan's economic recovery was on track.

Stocks marked out fresh peaks amid confidence that the benign backdrop of solid global economic growth and moderate inflation will continue. MSCI's All-Country World Index rose 0.5 per cent to a life high of 387.55 points, a gain of almost 5 per cent so far this year, on top of almost 19 per cent last year. The FTSEurofirst 300 traded up around 0.7 per cent at 1,564.8 points, its highest level since December 2000.

In Asia, Japan's Nikkei average rose 1.5 per cent as the weaker yen boosted exporters' shares. Other regional bourses also rose, with China, South Korea and Australia hitting record highs.

Tata Steel jumped 4.4 per cent to Rs 534, ahead of its board meeting tomorrow to consider the proposal for raising equity funds to finance its investment in a special purpose vehicle (SPV) for the acquisition of Corus Group.

FMCG giant Hindustan Lever (HLL) gained 3 per cent to Rs 213.70.

Buying was also conspicuous in cement shares, which are closely linked to rural demand. ACC gained 4.7 per cent to Rs 783.90, Grasim rose 3.8 per cent to Rs 2375 and Gujarat Ambuja Cements advanced 3.5 per cent to Rs 112.40.

Cement firms are seen reporting strong Q4 March 2006 results due to higher prices. ACC unveils Mar 2007 quarter results on April 19 followed by Gujarat Ambuja Cements on April 20.

UNI

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