Early rally takes Sensex to 2-month high at 13,684.95

Mumbai, Apr 20 (UNI) The Sensex today opened with a gain of 65.25 points on the Bombay Stock Exchange (BSE) at 13,684.95 from it's previous close of 13,619.70, following recovery in Asian markets impressive quarterly results declared by information technology (IT) majors, Satyam computers and Wipro.

Among the broader markets, the Nifty Index also gained around 3 points on the National Stock Exchange (NSE) and crossed the psychological barrier to open at 4,000.25 from it's previous close of 3,997.65.

Satyam Computers jumped 5 per cent to close at Rs 471.60, on reporting 38 per cent year-on-year rise in net profit in the March 2007 quarter, at Rs 394 crore.

Wipro gained 2.4 per cent to Rs 593, after reporting 44 per cent year-on-year growth in net profit in the March 2007 quarter to Rs Rs 861 crore as per US GAAP. It also forecast strong growth on more outsourcing and higher billing rates.

Reliance Industries (RIL) rose 0.8 per cent to Rs 1505. The stock hit a high of Rs 1515, which is a new all-time high for the stock.

RIL board meets on 26 April to consider Q4 March 2007 and FY 2007 results.

Reliance Communications gained 2 per cent to Rs 444 and Bharti Airtel gained 1.7 per cent to Rs 831. Both were successful in widening their subscriber-bases in March 2007.

The key data due today is the official report on weekly inflation.

Wholesale price inflation is seen at 5.79 per cent for the 12 months to April 7, 2007, higher than an annual rise of 5.74 per cent a week earlier.

Asian stocks rebounded today, with investors returning to battered stocks like Canon as global markets took worries about blistering Chinese growth and a possible Chinese interest rate rise in their stride. China's economy grew at an 11.1 per cent annual pace in the first quarter.

China's Shanghai Composite Index was up nearly 3 per cent. Key benchmark indices in Hong Kong, Japan, South Korea, Singapore and Taiwan were up between 0.4 - 1.6 per cent.

Overnight gains in US stocks also aided the recovery in Asian stocks today. The Dow gained 4.79 points, or 0.04 per cent, to end at a record 12,808.63. But the Standard&Poor's 500 Index shed 1.77 points, or 0.12 per cent, to finish at 1,470.73. The Nasdaq Composite Index fell 5.15 points, or 0.21 per cent, to close at 2,505.35 .

UNI