Sensex surges 253.45 pts after firm opening

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Mumbai, Feb 1: The sensitive index (Sensex) surged 253.45 points, after opening the first day of the month on positive note at 17,820.67 on initial buying interest amid concerns of a possible US recession.

The Sensex of Bombay Stock Exchange (BSE) touched a intraday high at 17,902.16 from its previous close of 17,648.71 in the early trade on hopes that reported possibility of additional rate cuts by US Federal Reserve would divert the money flow into Asian markets. Similarly, Nifty index of National Stock Exchange (NSE) smartly climbed 74.75 points to hit a high of 5,215.35 in the early trade, after opening almost flat at 5,140.60.

The market edged higher in early trade led by gains in IT stocks. Asian markets were trading mixed, while US markets ended on firm note, yesterday. IT pivotals were in demand in early trade.

However, cement shares were facing selling pressure. overall, the market breadth was positive, brokers said.

Satyam Computer surged by 5.20 per cent to Rs 409.35. It was the top gainer from Sensex pack. Other IT pivotals, Infosys Technoliges was up by 1.41 per cent to Rs 1521.50, Wipro was up by 0.18 per cent, and TCS up by 0.93 per cent to Rs 883.55.

Banking shares, ICICI Bank gained 3.70 per cent to Rs 1188, and State Bank of India was up by 0.34 per cent to Rs 2169.

However, HDFC Bank declined 0.94 per cent to Rs 1553.25.

Frontliners, National Thermal Power Corporation gained 2.17 per cent, Reliance Industries (RIL) was marginally down at Rs 2475.85 on 59,100 shares.

Future Capital Holdings was trading at Rs 894 on BSE, at a premium of 16.86 per cent over IPO price of Rs 765. The stock debuted, today at Rs 1044 on BSE, a premium of 36.44 per cent over the IPO price. The scrip hit a low of Rs 826.10 and high of Rs 1100, so far in the day. 28.25 lakh shares changed hands in the counter on BSE.

A good roll-over in derivatives segment was witnessed when the January 2008 derivative contracts expired yesterday. As per reports, roll-over of Nifty futures from January 2008 series to February 2008 series stood at 75 per cent, while roll-over was 80 per cent in stock futures.

Foreign institutional investors (FIIs) sold shares worth Rs 3938 crore, yesterday. Domestic institutional investors (DIIs) were net buyers of shares worth Rs 2160.05 crore on the same day.


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