Year opens on positive note; Sensex 103 pts up
The year 2009 commenced on a positive note with the benchmark Sensex rising by over 103 points in opening trade on expectations of further fall in the inflation rate and firming trends on the global markets.business Updated: Jan 01, 2009 11:26 IST
The year 2009 commenced on a positive note with the benchmark Sensex rising by over 103 points in opening trade on expectations of further fall in the inflation rate and firming trends on the global markets.
The Bombay Stock Exchange barometer, which had lost 68.85 points on the last session of 2008, moved up by 103.94 points to 9,751.25 points in the opening trade with all the sectoral indices, led by metal and Information Technology, trading in the positive zone with gains up to 1.85 per cent.
The wide-based National Stock Exchange's Nifty rose by 30.40 points at 2,989.55.
Marketmen said trading sentiment turned better in anticipation that the inflation rate might drop further and the government might announce more sops in its second stimulus package to be announced soon, to revive the somnolent economy.
They said reports of firming trends on the European markets also influenced the trading sentiment here. The Dow Jones Industrial average closed 1.25 per cent higher, while London's FTSE gained 0.90 per cent yesterday.
Shares of Satyam Computer, the country's fourth largest software services firm, continued to remain the centre of brisk activity and gathered another 3.50 per cent at Rs 177 largely on speculations that some big corporates are in talks with equity funds to acquire a strategic stake in the company.
Over 10 lakh shares changed hands in early trade on the BSE.
Other gainers which supported the Sensex were Reliance Industries by 1.2 per cent at Rs 1,245, Reliance Infra by 1.53 per cent at Rs 588.45 and Rcom by 1.43 per cent at Rs 230.50.