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Sensex above 17,300 on positive global cues
May, 13th 2010

Indices opened in the green on Thursday, taking cues from the positive global markets. All the sectoral indices moved higher led by gains in rate sensitives like realty, auto and banks.

"Wild swings are here to stay though the outlook for the day appears slightly brighter. Risk aversion is still high with investors across the globe flocking to the safety of gold and the dollar. At the same time, stocks and commodities are showing some signs of staging a comeback. British shares rose as David Cameron took charge of the first coalition government in London since World War II. Spain's announcement of a new austerity plan also helped boost confidence in equities.

Stocks in Europe as well as in the US posted smart gains. Asian markets are up this morning, led by Japan and South Korea though Shanghai continues to struggle amid tightening concerns.

We expect a higher opening on Indian bourses. The NSE Nifty may take a shot at 5200 but will find it tough to get past 5300. Fund flows from overseas investors have tapered off lately and valuations remain quite rich. We are going through a volatile consolidation phase. It's better to stay at a safe range and invest lesser than your means," said India Infoline report.

At 9:10 am, Bombay Stock Exchange's Sensex was at 17324.62, up 128.81 points or 0.75 per cent. It touched a high of 17387.04 and low of 17279.71 in early trade.

National Stock Exchange's Nifty was at 5189.75, up 33.10 points or 0.64 per cent. It touched a high of 5200.65 and low of 5147.95 in trade so far.

BSE Midcap Index was up 0.97 per cent and BSE Smallcap Index gained 0.98 per cent.

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