Mumbai: Markets open with marginal gains

Mumbai, May 9: The Sensex today opened with a marginal gain of 6.23 points on the Bombay Stock Exchange (BSE) at 13,771.69 from it's previous close of 13,765.46 points, tracking flat Asian and global markets.

Among the broader markets, the Nifty Index of the National Stock Exchange (NSE) also opened with a very nominal gain of of .25 points at 4,077.25 from it's previous close of 4,077.00 points.

At the premier BSE, profit booking continued for the third straight session in early trade, pulling the Sensex below the 13,700 mark, market analysts said adding that the market breadth was negative with 546 shares advancing as compared to 793 that declined.

PSU oil exploration major ONGC was the top loser, down 2.42 per cent to Rs 899.90 on 72,544 shares.

Ranbaxy was down 1.67 per cent to Rs 382.20, Bharti Airtel was down 1.46 per cent to Rs 804, and ACC was down 0.65 per cent to Rs 879.90) were the other losers.

Index heavyweight Reliance Industries (RIL) declined 0.16 per cent to Rs 1591.10 on 51,316 shares.

Tata Steel was the top gainer, up 0.70 per cent to Rs 557 on 1.37 lakh shares.

Hero Honda shot up 0.65 per cent to Rs 684), Wipro was up 0.59 per cent to Rs 549.50), and REL was up 0.26 per cent to Rs 506.95.

Fortis Healthcare, which listed today, was hovering at Rs 105.90 in early trade, a discount of 1.9 per cent over the IPO price of Rs 108. The stock debuted at Rs 105, which was also its low so far.

Asian shares were flat today, halting a recent strong run.

Caution ahead of the outcome of the meeting of the US Federeal Reserve and rebound in oil prices kept a lid on Asian markets.

US stocks closed flat yesterday as investors locked in profits after five straight sessions of gains in blue chips, a day before Fed's meeting on interest-rate policy. The Dow Jones industrial average dipped 3.90 points, or 0.03 per cent, to end at 13,309.07, after falling as much as 75 points.

The Standard&Poor's 500 Index slipped 1.76 points, or 0.12 per cent, to finish at 1,507.72. But the Nasdaq Composite Index edged up 0.80 point, or 0.03 per cent, to close at 2,571.75.

Experts pointed out that though no one expects a rate move by the Fed, when it meets today, investors are keenly awaiting the US central bank's latest assessment of the world's biggest economy. The Bank of England is seen lifting rates to 5.5 per cent tomorrow, a move that would put British interest rates above those in the US for the first time since January 2006.

The European Central bank (ECB) is expected to hold its rates steady at 3.75 per cent tomorrow, but signal a hike in June.

A spate of merger and acquisition activity as well as increasingly eye-popping takeover bids have helped propel many global indices to record highs in recent days, supporting the view that the bull market has to run further, analysts noted.

Oil prices rebounded to above USD 65 a barrel today as new attacks on Nigeria's oil industry deepened supply losses, interrupting a six-session losing streak that had driven prices to their lowest level since 26 March.

London Brent crude was up 6 cents to USD 65.60 a barrel, traders revealed.

UNI