Sensex opens; rises sharply by 106 to 18,525.61 pts

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Mumbai, Oct 15: The BSE sensitive index today opened high at 18,525.61 points with a massive gain of around 106 points from the previous day's close of 18,419.04 points on sustained heavy speculative demand from FIIs and some Mutual Fund operators.

Brokers said, ''The market opened on a firm note today as political worries eased. Improved Index of Industrial Production (IIP) figures for August 2007 further boosted the bourses. Reliance Industries edged higher. Reliance Energy hit an all-time high. Metal stocks advanced. All the BSE sectoral indices rose except BSE FMCG index. Asian markets were in green. Market breadth was strong.

Later, the current BSE 30-share Sensex was up sharply by 317.74 points, or 1.73 per cent (pc), to 18,736.78 points.

It opened on a positive note today and soon rose to hit its intra-day high of 18,741.44.

The broader based S&P CNX Nifty index of NSE was also up strongly by around 102 points, or 1.93 pc, to 5,532.95 from its last close of 5428.35 points before it resumed flat at 5428.35. The Nifty index touched day's high and low at 5535.05 and 5419.90 points respectively.

Elections are still far away and the Government has one-and-a-half years to complete, Prime Minister Manmohan Singh said on last Friday.

The Prime Minister added that if the India-United States civil nuclear deal does not come through, it will be a disappointment. He said that the Government was trying to reconcile the divergent points of view on the issue within the ruling coalition. Dr Singh further said that it was his hope that common sense will ultimately prevail on the nuclear deal.

India's industrial output in August 2007 rose 10.7 pc from the earlier year, higher than upwardly revised annual growth of 7.5 pc in July 2007 due to mining, manufacturing and electricity production, data released by the government showed on last Friday. India's largest private company in terms of market capitalization and oil refiner, Reliance Industries (RIL) rose by 2.38 pc to Rs 2,647.95.

Reliance Energy hiked by 4.57 pc to Rs 1,711. It hit an all-time high of Rs 1,730 and was the top gainer from Sensex pack. HDFC Bank was up by 2.74 pc to Rs 1,470 followed by Hindalco Industries by 2.38 pc to Rs 183.15, Tata Steel by 2.23 pc to Rs 867 and Reliance Communications by 2.05 pc to Rs 732.45.

However, Hindustan Unilever was down by 1.31 pc to Rs 218.50 followed by Wipro by 0.96 pc to Rs 481.80, HDFC by 0.45 pc to Rs 2,459.70, ITC by 0.27 pc to Rs 184.90 and Bajaj Auto by 0.09 pc to Rs 2,54.

Most of the Asian markets were trading higher today. Japan's Nikkei was up 0.19 pc at 17,364.20, followed by Hang Seng by 0.79 pc at 29,062.78, Singapore's Straits Times by 0.11 pc at 3,861.39. But South Korea's Seoul Composite was down 0.11 pc at 2,024.08.

US markets ended higher with moderate gains on last Friday, as technology stocks advanced on takeover news and economic data gave indication that the economy looks healthy.

Dow Jones Industrial Average gained 77.96 points, or 0.56 pc at 14093.08. The Nasdaq composite index advanced 33.48 points, or 1.21 pc at 2805.68. The Standard and Poor's 500 Index surged 7.39 points or 0.48 pc to close at 1,561.80.

Crude oil prices changed little on Monday hovering within sight of last week's record high of USD 84.05 a barrel as mounting tension between Turkey and Iraq added to a rally fuelled by winter supply worries and dollar weakness. US light, sweet crude for November delivery fell 12 cents to USD 83.57 a barrel. London Brent crude fell 34 cents to USD 80.21 a barrel, brokers added.


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