Sensex recovers by 262.92 pt

Mumbai, Nov 14 (UNI) The Bombay Stock Exchange (BSE) Sensex today smartly recovered by 262.92 points at 9,799.25 in the opening session, from its previous low finish, on fresh speculative demand and strong global cues.

The Sensex recorded a low of 9,643.79 and a high of 9,836.11 in the intra-day trade, with a hike of 132.26 points to 9668.59 at present.

However, the 50-scrips Nifty Index of National Stock Exchange (NSE) opened flat at 2,848.45 points. It is currently down by 16 points at 2,832.30.

Asian markets rose today, snapping a four-day losing streak, as investors stepped in to snap up battered stocks. Key benchmark indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan were up by between 0.33 per cent and 3.57 per cent.

Meanwhile, all eyes are on the world leaders, who are meeting in Washington later today to discuss a way out of the current global downturn. Prime Minister Manmohan Singh, who left yesterday for the G20 meet, is ready with his recommendation to tackle the global meltdown.

Bharti Airtel was up by 5.68 per cent at Rs 667.10, Reliance Communications 4.54 per cent at Rs 225.50, Reliance Infrastructure 3.94 per cent at Rs 562, Sterlite Industries 3.78 per cent at Rs 246, and Jaiprakash Associates gained 2.58 per cent at Rs 79.10.

Reliance Industries advanced by one per cent at Rs 1,173.80 on 2.26 lakh shares.

Banks, realty and auto shares advanced after inflation declined to 8.98 per cent in the week ending November one, raising hopes that Reserve Bank of India may cut rates and infuse more liquidity into the economy. Among auto shares, Mahindra&Mahindra was up by 1.37 per cent to Rs 346.90, Tata Motors rose by 1.45 per cent at Rs 152 and Maruti Suzuki India gained 0.38 per cent to Rs 562.

UNI NV/AR RN NP1136