Sensex stays firm above 14,500 in first session

Mumbai, Aug 23 (UNI) The Bombay Stock Exchange (BSE) Sensex today opened higher at 14458.33 from its previous close of 14248.66 and went ahead to advance by 220.72 points in the first session.

''The strong opening was triggered by rally in Asian stocks, boosted by the remarkable comeback staged by the US markets overnight on deal-making news and fall in crude prices,'' market analysts observed.

The National Stock Exchange (NSE) S&P CNX Nifty also opened higher at 4160.10 from its previous close of 4153.15 and then gained 51.10 points.

The market breadth was strong on BSE, with 1,519 shares advancing as compared to 430 that declined, while 39 remained unchanged. All the 30 members of the Sensex pack posted gains, BSE data showed.

The early gainers included Ambuja Cements, Bhel, ACC, HDFC and Reliance Industries.

All the Asian markets, which opened earlier today, were trading higher. At its meeting today, the Bank of Japan left interest rates unchanged at 0.50 per cent, the lowest among major economies. The BOJ had last raised interest rates in February this year.

US stocks rose yesterday, as takeover activity resurfaced and credit markets stabilised, luring investors back into riskier assets such as equities. The Dow Jones Industrial Average jumped 145.27 points, or 1.11 per cent, to 13236.13. Broader Standard&Poor's 500 index rose 16.95 points, or 1.17 per cent, to 1464.07, while the Nasdaq Composite index gained 31.50 points, or 1.25 per cent, to 2552.80.

Crude oil prices rebounded from lower levels today, as world stock markets rallied on hopes that the worst of the credit squeeze may be past and traders braced for supply delays in the wake of Hurricane Dean. US crude rose 29 cents to USD 69.55 a barrel, while Brent crude gained 16 cents to USD 68.86 a barrel.

UNI