Indices open higher with Global Support

MUMBAI: The market opened on a positive note Monday, as investors bought stocks tracking positive global cues. Oil and power stocks led the rally, while banks were subdued.

At 10:05 am, the Bombay Stock Exchange’s Sensex was up 64 points or 0.37 per cent at 17,412.47, making a high of 17,523.81.

Biggest Sensex gainers were Reliance Energy (up 1.55%), Ranbaxy Laboratories (1.4%), Reliance Communications (1.37%), Ambuja Cements (1.24%), Tata Motors (1.2%) and ONGC (1.1%).

ICICI Bank (1.05%), Tata Steel (0.68%) and HDFC Bank (0.61%), Bharti Airtel (0.33%) were the losers.

The National Stock Exchange’s Nifty was up 18 points or 0.35 per cent at 5128.55, making a high of 5166.90.

Stocks rose elsewhere in Asia, led by financial companies, on speculation a plan to help US bond insurers keep their credit ratings will limit further losses related to sub-prime mortgage defaults. The Nikkei 225 added 2.43 per cent, the Hang Seng climbed 0.39 per cent and the Straits Times was up 0.55 per cent.

US stocks on Friday turned solidly higher in the final minutes of trading on word a rescue could be in the works for struggling bond insurer Ambac Financial. The Dow Jones Industrial Average was up 0.79 per cent, the Standards & Poors 500 Index rose 0.79 per cent and the Nasdaq Composite Index gained 0.16 per cent.

Market Slipped After A Firm Start

The market lost the grounds and drifts down as the profit booking across the counters prevails. The market opened on a firm note backed by favoring cues from the global markets but was unable to sustain at higher levels and pares all its initial gains. The market breadth turns weak as 1726 stocks are declining as against 665 stocks that are advancing.

At 11.30AM, BSE Sensex is trading lower by 10 points at 17,639 and NSE Nifty is trading down by 7 points at 5,130.45.

Leading the rally of the gainers from the BSE are Rolta Ind trading lower by (7.16%) at Rs250.05 along with GMDC by (5%) at Rs406.60, Tata Motors by (4.43%) at Rs730, Satyam by (3.64%) at Rs403.35, Alok Inds by (3.22%) at Rs69.

The Realty index is trading down by 180.61 points at 9,690.45 as Ansal Infra trading lower by (6.36%) at Rs235 followed by Purvankara by (3.98%) at Rs312.10, Unitech by (2.94%) at Rs367.50, Indbul Real by (2.56%) at Rs608, Penland by (2.11%) at Rs88, DLF by (1.20%) at Rs802.80.

The Oil and Gas index is trading lower by 100.53 points at 10,604.67. Pulling it are Aban Offshore trading down by (4.63%) at Rs3480 along with GAIL India by (3.17%) at Rs198.75, BPCL by (1.88%) at Rs356.70, Reliance Inds by (1.79%) at Rs2435.

Tata Motors is trading up by (4.43%) at Rs730 as te company is all set to make its debut into US markets. It is looking at bottom up strategy by taking not its car but also its mini truck ACE to US and is looking at Chrysler to distribute and market the product stateside.

Ranbaxy Laboratories is trading higher by (1.15%) at Rs352 as the company is in the race to acquire 53% stake in Romania''s leading pharmaceutical company Antibiotice and this company is to be auctioned in March with a reserve price of $200 million (Rs800 Crore).

Bharti Airtel is trading up by (1.05%) at Rs868 as the company was allotted additional spectrum in five circles from the Department of Telecom, which would enable it to meet its expansion requirements.