Sensex opens high at 19,316.76 pts

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Mumbai, Nov 28: The BSE sensitive index today resumed positive at 19,316.76 points with a massive gain of around 189 points from its last close of 19,127.73 points on sustained heavy speculative demand from FIIs and local financial investors in view of firm advice from global markets.

Brokers said, ''The market opened on a firm note amid bullish phase at global markets. Volatility persisted ahead of derivatives to expire tomorrow. Banking, consumer durables and power stocks were in demand. The market breadth was strong. As many as 26 out of the 30 stocks from the Sensex pack were in the green.'' The market has been volatile over the past few days due to alternate bouts of buying and selling amid FII sales caused by redemption pressure in their home countries and fears of a US recession arising from housing slump and credit crisis.

Later, the 30-share BSE Sensex gained 100.56 points or 0.53 per cent to 19,228.29 points. The Sensex hit a high of 19,316.76 in early trade.

The broader based S&P CNX Nifty index of NSE was up by 24.4 points or 0.43 per cent to 5722.55, before it resumed high at 5699.55 points from its last close of 5698.15 points.

The BSE Mid-Cap index was up by 0.97 per cent at 8,474.54. The BSE Small-Cap index rose by 1.19 per cent to 10,495.82.

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries fell by 0.18 per cent to Rs 2837.

India's largest private sector bank by assets, ICICI Bank moved up by 1.34 per cent to Rs 1147.60.

India's second largest software exporter Infosys Technologies gained by 0.79 per cent to Rs 1588.25 followed by HDFC bank by 2.48 per cent to Rs 1673, Bharat Heavy Electricals (Bhel) gained by 2.70 per cent to Rs 2745, Bharti Airtel gained by 1.04 per cent to Rs 926, Maruti Suzuki gained by 1.32 per cent to Rs 949.92 and Tata Motors gained by 0.76 per cent to Rs 722.

Housing Development Finance Corporation (HDFC) fell by 0.37 per cent to Rs 2,690 followed by State Bank of India by 0.48 per cent to Rs 2,262.30, ITC by 0.30 per cent to Rs 185.50, Grasim Industries by 0.39 per cent to Rs 3,730 and Wipro by 0.21 per cent to Rs 456.80.

The BSE Bankex was up by 1 per cent to 10,600.22, the BSE Consumer Durable index hiked by 2.40 per cent to 5,332.53 and the BSE Power index rose by 0.99 per cent to 4,390.56.

Asian stock markets were mixed today, with a confidence-boosting USD 7.5 billion capital injection for Citigroup offset by a fall in resource shares as commodity prices slid. On Tuesday, Abu Dhabi Investment Authority said it was buying a 4.9 per cent stake in Citigroup, which is wrestling with the fallout from the US subprime mortgage crisis.

Key benchmark indices in South Korea, Japan and Taiwan were down by 0.03 per cent to 0.41 per cent. Key benchmark indices in China, Hong-Kong and Singapore were up by 0.45 per cent to 0.58 per cent.

US stocks rose yesterday, after Abu Dhabi's USD 7.5 billion purchase of a stake in Citigroup spurred a rebound in financial stocks and a drop in oil prices boosted shares of big manufacturers.

The Dow Jones industrial average was up by 215 points, or 1.69 per cent, at 12,958.44. The Standard&Poor's 500 Index was up by 21.01 points, or 1.49 per cent at 1,428.23. The Nasdaq Composite Index was up by 39.81 points, or 1.57 per cent, at 2,580.80, which helped to boost the Indian bources, brokers added.


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