Sensex opens high at 17,810 pts; up by 52 pts

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Mumbai, Jan 31: The 30 sensitive scrips of BSE Sensex resumed firm at 17,810.13 points in the morning session today with a modest gain of around 52 points from it last close on fresh speculative demands from FIIs, brokers said.

Select stocks opened with an upward gap and firmed up further in early trade after the US Federal Reserve slashed the key interest rate by 50 basis points yesterday. But the market could not sustain the momentum and soon plunged deep into the red. Selling is being witnessed in realty, metal and IT stocks. Reliance Industries declined. Market breadth was weak.

Asian markets were mixed today. US stocks declined on Wednesday, led by financial shares, when fears about the US economy's health resurfaced on speculation that US bond insurers credit rating could take a hit. A credit downgrade of US bond insurers can further harm the banking sector and stunt the global economy as financial institutions take a hit from subsequent write-downs of their assets.

Later, the 30-share BSE Sensex was down by 83 points or 0. 46 per cent at 17,758.64 points. It hit a high of 17,840.64 and a low of 17,417.63 points in early trade.

The broader based S&P CNX Nifty index of National Stock Exchange (NSE) also was down by 47.5 points or 0.92% to 5,120.10, before it resumed high at 5172.25 points from it last finish.

India's largest private sector firm by market capitalization and oil refiner, Reliance Industries (RIL) was down by 1.95 per cent to Rs 2,418.

Hindustan Unilever was up by 2.01 per cent to Rs 200.55 followed by ONGC by 1.7 per cent to Rs 985, Tata Motors by 1.47 per cent to Rs 706.35, Bharti Airtel by 1.14 per cent to Rs 862 and Bajaj Auto by 0.76 per cent to Rs 2,286.10 edged higher.

ITC was down by 3.76 per cent to Rs 192 and Reliance Energy eased by 2.77 per cent to Rs 1,937.15 Realty stocks like DLF declined by 2.16 per cent to Rs 843.55 while, Indiabulls Real Estate by 1.7 per cent to Rs 613 and Unitech by 0.95 per cent to Rs 382.30, brokers added.


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