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Market recovers 40 pts in opening trade

The Bombay Stock Exchange benchmark Sensex recovered by over 40 points in the opening trade today on revival of selective buying by funds after late selling yesterday.

business Updated: Jul 15, 2010 10:20 IST

The Bombay Stock Exchange benchmark Sensex recovered by over 40 points in the opening trade today on revival of selective buying by funds after late selling yesterday.

Major support to the market came in from the auto, oil and gas, banking and metal sector stocks.

The 30-share index, which had lost 47.74 points in yesterday's volatile session, rose by 40.40 points or 0.22 per cent to 17,978.56 points in the opening trade.

The wide-based National Stock Exchange's Nifty rose by 13.05 points, or 0.24 per cent, to 5,399.20 points.

Marketmen said that trading sentiment turned better after funds and retail investors made fresh purchases at select counters in anticipation of strong quarter corporate earnings.

Stocks of Bajaj Auto remained in the limelight and traded 0.45 per cent higher at Rs 2,455, buoyed by the company's decision to consider bonus shares issue later this month.

Larsen and Toubro Engineering and Construction conglomerate stocks continued its rally and rose by 0.36 per cent to Rs 1,889.70 after the firm emerged as the lowest bidder for the Rs 12,100-crore Hyderabad Metro Rail project.

The company also received a Rs 376-crore contract from ONGC for offshore construction work.

The other gainers were Reliance Industries, up by 0.27 per cent to Rs 1,071.90, Infosys Technologies by 0.71 per cent to Rs 2,861.90, State Bank of India by 0.15 per cent to Rs 2,460.60, ICICI Bank by 1.03 per cent to Rs 900 and Tata Steel by 0.63 per cent to Rs 508.65.

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