Sensex crosses 14,000 mark in opening trade

Mumbai, Apr 23: The Bombay Stock Exchange (BSE) Sensex zoomed past the 14,000 mark in early trade today, gaining by nearly 100 points, after opening firmer at 13,972.81 points from its previous close of 13,897.41, tracking strong global markets and heavy inflow of funds from foreign and domestic institutional investors over the past few sessions.

Among the broader markets, the Nifty Index has also gained by 38.80 points on the National Stock Exchange (NSE) at 4,122.35 after opening at 4,083.55.

Three massive block deals of 93.21 lakh shares each, struck in the Gujarat Ambuja Cements (GACL) counter, at an average Rs 116.05 per share on BSE were a key feature in opening trade. The stock was up 0.40 per cent to Rs 115.90 on total volumes of 2.80 crore shares.

As a result of the block deals, the total turnover clocked a neat Rs 913 crore on BSE, where the market-breadth was and 1,089 scrips advanced while 405 declined.

Among the Sensex pack, 24 advanced while the rest declined, analysts noted.

Tata Steel was the top gainer, up 2.51 per cent to Rs 547.75, on a volume of 4.24 lakh shares.

HDFC (up 1.97 per cent), Reliance Communications (up 1.87 per cent) and Bharti Airtel (up 1.83 per cent) were the other gainers.

Index heavyweight Reliance Industries (RIL) was up 0.57 per cent to Rs 1550 on a volume of 92,854 shares.

HDFC Bank was the top loser, down 0.83 per cent, to Rs 987 on thin volumes of 5,836 shares.

UltraTech Cement slipped 1.21 per cent to Rs 832, despite the company reporting strong results for the March quarter.

Foreign Institutional Investors (FIIs) have stepped up buying after Infosys gave a strong guidance for the financial year 2008 in dollar terms, putting to rest concerns about the impact of a slowdown in the US on India's IT sector. Their net inflow in three trading sessions, between April 16 and 18, aggregated Rs 2,076.90 crore. However, foreign funds pulled out a net Rs 73.40 crore on April 19, market pundits pointed out.

The Reserve Bank of India (RBI) is expected to hold interest rates steady at its policy review tomorrow. The central bank will also set out its forecast for the year, including inflation and growth.

Today is the fourth of seven stages in the ongoing assembly election in Uttar Pradesh. The vote is seen as a barometer of national political trends. Some opinion polls show the opposition Bharatiya Janata Party (BJP) could emerge second in the race, adding to the woes of the ruling Congress, which is battling rising prices.

Asian shares rose today, with benchmark indices in South Korea and China hitting records, after stronger-than-expected US corporate earnings boosted optimism about the outlook for the region's top export market.

China's benchmark index roared up 1.7 per cent, racing past its previous all-time high, as inflation worries receded.

US stocks had jumped last week with the Dow closing at a record high after coming within 35 points of 13,000, as Google Inc and Caterpillar Inc, joined the list of companies reporting stronger-than-expected quarterly results. The Dow Jones Industrial average rose 153.35 points, or 1.20 per cent, to end at 12,961.98, its third straight record close.

The Standard&Poor's 500 Index was up 13.62 points, or 0.93 per cent, at 1,484.35. The Nasdaq Composite Index was up 21.04 points, or 0.84 per cent, at 2,526.39.

The dollar sat near a two-year low against the euro, staying weak on the view that the Federal Reserve may cut US interest rates at least once this year, while rates in the euro zone are expected to climb.

Oil prices were steady after weekend elections in Nigeria, an OPEC member, were condemned by monitors but did not appear to have worsened disruption to the country's crude exports. London's Brent crude edged up 5 cents to US 66.54 dollars, pausing after gaining 55 cents last week.

UNI

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