Sensex crosses 14,400 mark in early trade

By Staff
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Google Oneindia News

Mumbai, June 20: The barometer Sensex today surged by another 142.77 points on the Bombay Stock Exchange (BSE) to reach 14,438.27 in early trade, after opening firmer at 14,359.96 from it's previous close of 14,295.50, on the back of encouraging Asian and global cues.

The broader Nifty Index also gained a handsome 38.15 points and to touch 4,252.45, after opening unchanged at 4,214.30.

Market analysts observed that the markets have shrugged off the Securities&Exchange Board of India's (SEBI's) warning to 15 brokers and some market participants with regard to manipulation in the futures and options segment.

The total turnover on the BSE amounted to Rs 646 crore, and the market breadth was strong here as with 1,156 shares advancing only 441 declined. Among the Sensex pack, 27 advanced, while only three were trading in the negative territory, market players said.

The early winners include Gujarat Ambuja Cements, ICICI Bank, Tata Motors, Hero Honda Motors, Maruti Udyog and Reliance Industries (RIL) The early laggards include Oil&Natural Gas Corporation (ONGC), Bajaj Auto and Ranbaxy Laboratories.

After trading hours yesterday, the capital market regulator Securities&Exchange Board of India (SEBI) directed 15 brokers and some market participants not to indulge in distortion of the derivatives market. A SEBI investigation of derivatives transactions on NSE for the period from January-March 2007 found that these entities were involved in manipulation in the futures and options segment.

All the Asian markets were trading higher today, with the Nikkei 225 index gaining on automakers Toyota Motor Corp and Nissan Motor Co, while South Korea's Kospi index dropped after hitting a fresh intraday high, was the only exception. It lost 1.01 per cent at 1,789.67.

Japan's Nikkei gained 81.68 points or 0.45 per cent at 18,245.29.

Hong Kong's Hang Seng was up 1.13 per cent, Taiwan's Taiwan Weighted up by 1.92 per cent, Singapore's Straits Times rose by 0.55 per cent.

Wall Street posted small gains yesterday, as investors found solace in declining Treasury yields. The Dow Jones Industrial Average (DJIA) rose 22.44 points, or 0.16 per cent, to 13,635.42.

The blue-chip index was buoyed largely by GE, which rose USD 1.22, or 3.2 per cent, to USD 39.29.

Broader stock indicators also edged higher. The Standard&Poor's 500 index rose 2.65 points, or 0.17 per cent, to 1,533.70, and the Nasdaq Composite index rose 0.16 point, or 0.01 per cent, to 2,626.76.

Oil prices steadied today as traders waited to see if a threatened strike in Nigeria would cut its crude exports and whether gasoline inventories in the US have built as forecast. London benchmark Brent crude edged three cents lower to USD 71.81 a barrel today.

UNI

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