Mumbai: BSE Sensex open in the green

Mumbai, May 10: The Sensex today opened in the green on the Bombay Stock Exchange (BSE) rising by 41.85 points at 13,823.36 from it's previous close of 13,781.51, tracking firm global markets.

The US Federal Reserve yesterday decided to leave interest rates unchanged as of for now. This lifted US and Asian shares, market analysts explained.

The broader 50-stock Nifty Index also gained marginally by .30 points on the National Stock Exchange (NSE) to open at 4,079.60 from it's previous close of 4,079.30.

IT and banking stocks led the early gains. Among pivotals, Tata Steel advanced.

The market breadth was strong on the premier BSE, wherein 1,161 shares advanced, 315 shares declined, and 34 shares remained unchanged.

Gainers outpaced losers by a ratio of 3.68:1, analysts observed and added that the total turnover was Rs 558 crore so far.

Tata Steel rose 2.5 per cent to Rs 576.55 tracking the uptrend in steel prices in other Asian markets. The stock's rise was accompanied by volume of 4.3 lakh shares on BSE.

IT shares gained after the Fed said the US economy is growing at a moderate pace and core inflation, though elevated at present, is likely to slow down. Wipro rose 1.8 per cent to Rs 560, Satyam Computer 1 per cent to Rs 457.65, and Infosys 0.9 per cent to Rs 1998.

Oil exploration major ONGC gained 1.3 per cent to Rs 922 .

The Fed's decision to keep interest rates on hold lifted domestic bank shares. HDFC Bank gained 1 per cent to Rs 1007, State Bank of India 0.5 per cent to Rs 1130, Union Bank of India 1.7 per cent to Rs 110.95 and Canara Bank 1.3 per cent to Rs 224.50.

In Asia, key benchmark indices in China, South Korea, Singapore and Taiwan were up by between 0.2 per cent to 0.9 per cent. Japan's Nikkei was flat and Hong Kong's Hang Seng was down 0.4 per cent.

US stocks rose after the Federal Reserve's latest policy meeting ended without any unwelcome surprises, allowing investors to refocus on the solid outlook for corporate profits. The Dow Jones industrial average gained 53.80 points, or 0.40 per cent, to end at 13,362.87.

The Standard&Poor's 500 Index rose 4.86 points, or 0.32 per cent, at 1,512.58. The Nasdaq Composite Index was up 4.59 points, or 0.18 per cent, at 2,576.34.

UNI