Firm opening on positive cues from Asian markets

The key benchmark indices opened higher tracking a recovery in Asian markets. All the sectoral indices on BSE, except information technology index, were in green.

Asian markets were trading firm today, 27 May 2008, as bargain hunters scoured the market after five days of losses. Key indices in Japan, Hong Kong, Taiwan, South Korea and Singapore were up by 0.36% to 1.14%. China's Shanghai Composite was flat. US markets were closed on Monday, 26 May 2008, for Memorial Day holiday.




At 10:20 IST, the 30-share BSE Sensex was up 106.93 points or 0.65% at 16,455.43. The index climbed 157.85 points at day’s high of 16,506.35, hit in early trade.

The broader based S&P CNX Nifty was up 44.8 points or 0.92% at 4919.85.

The market breadth was strong on BSE with 1253 shares advancing as compared to 495 stocks that declined. 39 stocks remained unchanged.

The BSE Mid-Cap index rose 0.88% to 6,820.57 and BSE Small-Cap index rose 1.13% to 8,411.81.




India’s second largest listed telecom services provider by sales Reliance Communication rose 2.08% at Rs 554.50 on reports the proposed deal between Reliance Communications and South Africa's MTN Group may involve an open offer by the South African telecom firm to the shareholders of Reliance Communications. The deal may result in a transfer of Anil Ambani's two-third equity stake in Reliance Communications to MTN shareholders, the reports added.

India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 0.80% at Rs 2546.

India’s largest private sector bank by assets ICICI Bank was unchanged at Rs 826.90.

India’s largest engineering and construction firm by revenue Larsen & Toubro rose 1.65% to Rs 2795.05. The company unveils Q4 March 2008 results today, 27 May 2008.




The top Sensex gainers were, Bharat Heavy Electricals (up 3.86% at Rs 1720.05), Jaiprakash Associates (up 2.41% at Rs 229.80), ITC (up 1.5% at Rs 209.50), Reliance Infrastructure (up 1.87% at Rs 1272), and Hindalco Industries (up 1.07% at Rs 188.45).

Top Sensex losers were, Hindustan Unilever (down 1.54% at Rs 227.70), HDFC Bank (down 1.07% at Rs 1333), Infosys Technologies (down 0.45% at Rs 1878), and Grasim Industries (down 0.84% at Rs 2190).

Reliance Natural Resources was top traded counter on BSE in terms of turnover. The stock was up 2.97% at Rs 107.40 on a turnover of Rs 28.42 crore.