Sensex opens on a sluggish note

Mumbai, Sept 21: The Bombay Stock Exchange (BSE) Sensex today opened on a sluggish note, up by barely around 5 points at 16,352.32 from it's previous close of 16,347.95, after it's recent rally.

''After such a huge leap it is natural for the market to consolidate in the subsequent sessions,'' market analysts explained.

The National Stock Exchange (NSE) S&P CNX Nifty also opened firmer by around 5 points at 4,752.95 from it's last close of 4,747.55.

The market breadth was strong on the BSE with 1,176 shares advancing as compared to 798 that declined, while 46 remained unchanged in early trade. The total turnover so far was Rs 1,853 crore. Among the 30-member Sensex pack, 16 advanced while the rest declined.

The highlight of the opening session was 4 massive block deals of 1.62 crore shares each struck on Ambuja Cements counter on BSE.

These deals were executed at an average rate of Rs 149.48 per share.

It was the top traded counter on BSE with total turnover of Rs 975.64 crore. However, the stock was down 0.31 per cent to Rs 145.70 on huge volumes of 6.55 crore in opening trade.

The early leaders include Reliance Energy (REL), Grasim and ACC, while Reliance Industries (RIL), Satyam Computers, Infosys Technologies, Wipro and TCS slipped.

Inflation data for the week ended Sept 8 is expected by today afternoon. Wholesale price index for the previous week stood at 3.52 per cent.

Asian markets were mixed today. Taiwan Weighted up 1.06 per cent at 9,078.38 and South Korea's Seoul Composite gained 0.09 per cent to 1,910.47, while Hang Seng slipped 0.20 per cent at 25,650.92, Singapore's Straits Times sank 0.46 per cent to 3,536.11 and Japan's Nikkei slumped 0.63 per cent at 16,310.09.

US stocks retreated yesterday, impacted by mixed earnings reports, a tumbling dollar and surging oil prices. The Dow Jones Industrial Average fell 48.86 points, or 0.35 per cent, to 13,766.70. Broader stock indices also declined. The Standard&Poor's 500 index fell 10.28 points, or 0.67 per cent, to 1,518.75, and the technology-dominated Nasdaq Composite index fell 12.19 points, or 0.46 per cent, to 2,654.29.

Crude oil prices held near USD 82 a barrel today after hitting a record of USD 84.10 yesterday as a tropical depression forced the shutdown of Gulf of Mexico output and sparked supply fears ahead of peak winter fuel demand. US crude for November delivery, the new front month, dipped 6 cents to USD 81.72 a barrel. London Brent November crude rose 3 cents to USD 79.12 per barrel.

UNI