Market bounces back on firming global cues

The 30-share index, which had lost 255.62 points in the previous session, rose by 154.53 points, or 0.82 per cent to 17,868.93 points in the first ten minutes of trading backed by a surge in shares of Bharti Airtel and Reliance Communications.

The Bombay Stock Exchange benchmark Sensex opened over 154 points higher in opening trade on Friday on global cues that led to buying in heavy-weight stocks, especially in the communications sector.

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The 30-share index, which had lost 255.62 points in the previous session, rose by 154.53 points, or 0.82 per cent to 17,868.93 points in the first ten minutes of trading backed by a surge in shares of Bharti Airtel and Reliance Communications.

Marketmen said trading sentiment turned bullish in communications stocks ahead of the auction of third generation mobile technology spectrum that begins on Friday.

The wide-based National Stock Exchange index Nifty moved up by 40.75 points, or 0.76 per cent to 5345.20.

A firming trend in overseas market also supported the uptrend.