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Sensex opens 38 points up in early trade

After crossing the 10k-mark on Thursday, the Sensex moved up 37.85 points to 10,040.95 in opening trade on sustained buying by foreign funds.

business Updated: Mar 27, 2009 11:56 IST

After crossing the 10k-mark on Thursday, the Bombay Stock Exchange benchmark Sensex on Friday moved up, for the fifth straight session, by another 37.85 points in opening trade on sustained buying by foreign funds.

The 30-share barometer, which had gained nearly 1,035 points in the past four sessions, gathered another 37.85 points to 10,040.95 in the first five minutes of trading.

The wide-based National Stock Exchange Nifty also gained 9.30 points to 3,091.55.

Buying activity gathered momentum following reports of better-than-expected US economic data and increased new home sales easing concerns on the economic crisis getting worse.

Stock brokers said expectations that the RBI may announce a cut in interest rates and inflation rate declining to 0.27 per cent mainly buoyed the trading sentiment.

Today being the first session of new monthly settlement in the derivatives segment, players were seen creating fresh positions, giving push to rising stock prices, they said.

Major gainers were ACC by one per cent to Rs 566, Tata Steel by 2.27 per cent to Rs 209.45, Sun Pharma by 1.38 per cent to Rs 1,090, RCom by 1.93 per cent to Rs 172, Ranbaxy by 1.49 per cent to Rs 160.30, Hindalco by 2.87 per cent to Rs 53.80 and Bharti Airtel by 1.30 per cent to Rs 628.35.

Meanwhile, the US Dow Jones Industrial Average closed 2.25 per cent higher on Thursday, while most of the Asian stock markets were trading in positive zone with gains up to one per cent.

First Published: Mar 27, 2009 11:54 IST