Sensex crosses 14,600 mark in early trade

Mumbai, June 1: The Bombay Stock Exchange (BSE) Sensex today opened with a bang to cross the 14,600 mark, buoyed by a smooth rollover of positions in the derivatives market and firm Asian markets.

After opening higher at 14,610.28, it soared to strike an intra-day high of 14,663.21, it's highest level in nearly four months since Feb 9, this year, when it had struck 14,723.88, analysts pointed out.

The broader National Stock Exchange (NSE) Nifty Index also gained by 19.15 points to settle at 4,314.95 from its previous close of 4,295.80 points. It had earlier opened marginally higher at 4,296.05.

Market analysts disclosed that the marketwide rollover was 82.8 per cent, which is slightly higher than 82.5 per cent during the April expiry. Nifty Futures rollover was 75 per cent as compared to 71.7 per cent in the previous expiry. Higher rollover of positions indicates a bullish trend, they explained.

''Sterling performances by services and manufacturing sectors helped Indian economy grow 9.4 per cent in 2006-07, the fastest rate in 18 years. The growth even exceeded the government's projection of 9.2 per cent and is next only to 10.5 per cent gross domestic product (GDP) expansion achieved in 1988-89. The figures were impressive also from the point of view that it is on the high base of 9 per cent growth achieved in 2005-06,'' experts explained.

The total turnover on BSE was Rs 575 crore. The market breadth was strong, as 1,141 shares advanced, while 436 declined. All the shares among the 30-member Sensex pack, except, Tata Motors, advanced.

The early session gainers included Reliance Communications, Cipla, Reliance Energy, Bhel, Index heavyweight Reliance Industries (RIL), Sintex Industries and United Breweries Holdings.

Prominent loser was Tata Motors, which lost 1 per cent to Rs 750, on 84,135 shares.

Sintex Industries rose 4.36 per cent to Rs 236 on acquisition of 81 per cent shareholding of US-based Wausaukee composites Inc, a company organized under the laws of the State of Wisconsin. The acquisition of the shares of WCI by the company is undertaken by the company's step down subsidiary Sintex Holding USA, Inc.

WCI has an established presence in the medical imaging, mass transit, industrial/agricultural equipment, wind energy, commercial furnishings, recreation and corrosion-resistant materials handling sectors.

United Breweries Holdings surged 6.03 per cent to Rs 725 after it yesterday announced the acquisition of 26 per cent stake in Deccan Aviation.

Asian shares were trading higher today, led by Japan, as the yen's continued weakness against the dollar boosted shares of exporters. Japan's Nikkei 225 index gained 0.63 per cent, or 111.79 points, to 17,987.54, while the Taiwan Weighted index surged 1.02 per cent, or 83.02 points, to 8,227.97.

Yesterday, the US the Dow Jones industrial average slipped 5.44 points, or 0.04 per cent, to 13,627.64, after reaching a new all time high of 13,673.07.

Crude oil prices rose today after a US government weekly fuel supply report showed an unexpected decline in crude oil stockpiles.

Light, sweet crude for July 2007 delivery added 17 cents to USD 64.18 a barrel in Asian electronic trading on the New York Mercantile Exchange, mid-morning in Singapore.

UNI