Sensex bounces back, opens on strong note

Mumbai: The markets have given up some of its opening gains on the back of some unwinding seen in IT and FMCG stocks. Realty, capital goods and metal stocks have maintained their gains and are trading steady.

The rupee appreciated little bit on Tuesday and was quoting at 40.38 against the dollar. The market breadth was positive with over 2000 stocks on the advancing side and over 800 stocks on the down side.

At 10.31 hrs (IST), the Sensex was up 128.75 points or 0.86 per cent at 15031.78, and the Nifty up 39.15 points or 0.90 per cent at 4378.65. About 2052 shares have advanced, 864 shares declined, and 73 shares are unchanged.

Top gainers on the Sensex are Ambuja Cements at Rs 129.35 up 2.37 per cent, Reliance Energy at Rs 759.20 up 2.24 per cent and ACC at Rs 1,000.70 up 2.21 per cent. Top losers on the Sensex are ICICI Bank at Rs 879.90, down 0.87 per cent, HUL at Rs 199.50, down 0.32 per cent.

Most active shares on BSE are IFCI at Rs 66.50 with 7,120,595 shares, Orbit Corporation at Rs 410.75 with 894,459 shares and SBI at Rs 1,710 with 190,777 shares.

Earlier in the morning, the markets bounced back after weak trade on Monday and opened on a very strong note despite subdued cues from the Asian markets. Board-based buying was seen in the opening trade led by IT, banking and oil and gas stocks.

At 9:56 hours, Sensex was up 190 points at 15092 and Nifty was up 55 points at 4394. Major gainers in the opening trade were Reliance, SBI, L&T, Wipro, Zee, Ambuja, ONGC, Tata Motors, Ranbaxy, Satyam, Bharti, M&M, Maruti, TCS and ICICI Bank. However, HDFC and HUL were little subdued.

The Asian markets rebounded early on Tuesday, inspired by a strong overnight recovery on Wall Street, Hong Kong's Hang Seng gained 0.84 per cent or 184.62 points at 22,121.35, Taiwan's Taiwan Weighted rose 0.61 per cent or 54.21 points at 8,995.94, Singapore's Straits Times advanced 0.92 per cent or 30.43 points at 3,339.42. and Japan's Nikkei was up 0.12 per cent or 20.62 points at 16,935.08.

In US, the Dow soared 286.87 points, or 2.18 per cent, to 13,468.78. The blue chips closed near their highs after zigzagging throughout much of the session. On Friday, the Dow fell 281 points.