Sensex breezes pass 14,000 on firm global markets

Mumbai, May 7: The Sensex today opened with an impressive gain of 110.44 points on the Bombay Stock Exchange (BSE) breezing past the psychological barrier of 14,000 at 14,044.71 points, enthused by firm global markets, robust corporate results and a sharp fall in global crude oil prices.

The broader 50-stock Nifty Index however, gained a marginal .15 points on the National Stock Exchange (NSE) to open at 4,117.50 from it's previous close of 4,117.35 points.''Buying continued for index pivotals, especially for Reliance Industries (RIL) on the first day of the week,'' market analysts noted and added that the market-breadth was strong on the BSE, with 1,114 shares advancing as compared to 309 declining. Among the 30-Sensex pack, 25 advanced while the rest declined.

Experts pointed out that "ghe" two key events to watch out for this week, is the outcome of elections in Uttar Pradesh (UP) and the outcome of US Federal Reserve's meeting on Wednesday.

The seventh and final phase of polls in Uttar Pradesh is scheduled tomorrow and counting of votes is due on May 11, 2007. The results are expected on the same day. The UP vote is seen as a barometer of national political trends, and influence the Governments fiscal policies in a very big way, they disclosed.

Ranbaxy laboratories was the top-gainer, up 2.37 per cent to Rs 391, on a volume of 44,166 shares.

Index heavyweight Reliance Industries (RIL) advanced 1.82 per cent to Rs 1613, as 1.51 lakh shares changed hands on BSE.

L&T (up 1.30 per cent), SBI (up 1.26 per cent), and Bhel (up 1.03 per cent), were among the other gainers.

Satyam Computers on the other hand was the top-loser, down 1.10 per cent to Rs 465.40, on a volume of 29,926 shares.

Infosys Technologies (down 0.75 per cent), Dr Reddy's (down 0.74 per cent), and ONGC (down 0.80 per cent), were the other prominent losers.

Asia-Pacific stocks went up today, with Australian and South Korean shares scaling fresh peaks, as investors sentiment got a lift from gains on Wall Street that pushed the blue-chip Dow to its fourth straight record close. Key benchmark indices in Australia, China, Hong Kong, Japan, Singapore, South Korea, and Taiwan were up 0.5 - 2.1 per cent.

US stocks climbed last week, buoyed by talk of potential takeovers and after the influential non-farm payrolls data showed the world's biggest economy posted its slimmest gain in jobs in more than two years for April, helping ease inflation concerns. Dow rose 23.24 points (0.18 per cent), to a record close of 13,264.62. The tech-laden Nasdaq Composite Index added 6.69 points (0.26 per cent), to end at 2,572.15.

Brent crude for June delivery fell 22 cents to USD 65.09 a barrel, as rising US crude stocks alleviated fears of a shortfall in the world's top energy consumer ahead of the peak summer driving season.

UNI