Sensex opens up by 352 points

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Mumbai, Nov 29: The BSE sensitive index today resumed firm at 19,290.67 points with a massive gain around by 353 from its last close of 18,938.87 points on sustained heavy sepculative demand from FIIs and local financial institutional investors.

One of the brokers said, ''The market opened with an upward gap, tracking firm global markets. Banking and metal stocks were in demand. HDFC Bank soared. Market breadth was strong. All 30 stocks from the Sensex pack were in green. Asian markets surged after comments on yesterday, from US Federal Reserve officials raised the chances of another US rate cut in December 2007.'' 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 US housing slump and credit crisis.

Later, the 30-share BSE Sensex was up by 311.28 points or 1.64 per cent (pc) to 19,250.15. The Sensex hit a high of 19,297.01 in early trade At day's high, the Sensex gained 358.14 points from it last close.

The broader based S&P CNX Nifty index of NSE also rose by 80.65 points or 1.44 pc to 5698.20, before it resumed flat at 5617.80 points. Nifty hit a high of 5725 in early trade. At day's high, Nifty had risen 107.45 points from it last close of 5617.55 points.

The BSE Mid-Cap index was up by 1.21 pc to 8,484.82. The BSE Small-Cap index hardened by 1.30 pc to 10,510.35.

Private sector firm by market capitalisation and oil refiner Reliance Industries was up by 1.17 pc at Rs 2819.

ICICI Bank gained by 2.86 pc to Rs 1159. Infosys Technologies hiked by 1.94 pc to Rs 1598.35.

HDFC Bank soared by 5.03 pc to Rs 1688.75 followed by Maruti Suzuki by 3.64 pc to Rs 1001.90, Satyam Computers by 2.13 pc to Rs 434 and Tata Motors by 1.85 pc to Rs 733.80.

The BSE Bankex was up by 2.38 pc to 10,636.54, the BSE Metal index gained by 1.92 pc to 17,301.85, the BSE IT index was up by 1.74 pc to 4,152.27, the BSE Oil&Gas index was up by 1.43 pc to 12,088.24 and the BSE Realty index rose by 1.32 pc to 10,201.70, brokers added.

FIIs sold shares worth a net Rs 978.96 crore in the cash market on yesterday as per provisional data. Domestic funds bought shares worth a net Rs 331.82 crore on that day.

In Asia, key benchmark indices in Hong Kong, Japan, China, South Korea, Singapore and Taiwan were up by between 1.56 pc to 4.1 pc. The Fed's next policy-setting meeting is scheduled for December 11 2007. US markets rallied overnight on expectations for an interest rate cut by the US Federal Reserve in December 2007. The Dow Jones industrial average jumped by 331.01 points, or 2.55 pc, at 13,289.45 yesterday. The Standard&Poor's 500 Index was up by 40.79 points, or 2.86 pc at 1,469.02. The Nasdaq Composite Index was up by 82.11 points, or 3.18 pc, at 2,662.91, which helped to boost at Indian bources, brokers pointed out.


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