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Indian market opens higher
June, 06th 2008

Indian market opened higher Friday on the back of firm global cues, but gains were limited as investors await inflation data for the week ended May 24. At 10:01 a.m. IST, the Sensex was up 55.64 points or 0.4% at 15,825.36 and the broader Nifty was adding 27 points or 0.6% to 4,703.

Among BSE-30 stocks, gainers included HDFC 2.83%, Reliance Infrastructure 2.67%, Mahindra & Mahindra 1.57%, Satyam 1.51% and Tata Motor 1.39%. Top losers included ONGC 1.90%, Reliance Comm 0.94%, Hindustan Unilever 0.82%, Reliance Industries 0.74% and SBI 0.57%.

Among NSE-50 stocks, Cairn India gained 6.70%, Sterlite Industries rose 5.08%, Suzlon climbed 3.40%, Reliance Infrastructure added 2.62% and HDFC advanced 2.27%. Major losers included ONGC 2.29%, Hero Honda 0.93%, Punjab National Bank 0.79%, Reliance Comm 0.69% and Sun Pharma 0.67%.

Cairn India surged as the company got oil, gas exploration license in Sri Lanka. Nymex Crude extended gains Friday and traded above $128 a barrel in Asian deals. Suzlon Energy gained after the company bought Areva's stake in REPower. However, Sun Pharma slipped as the company expressed concern over Taro's decision to sell its Irish plant.

Asian markets are mostly higher, with Hang Seng advancing 1.0% to 24,496; Nikkei 225 index gaining 1.3% to 14,533; and Straits Times adding 0.7% to 3,165. China was losing 0.2% to 3,345.

On Thursday, the Dow gained 213.97 points or 1.73% to close at 12,604.45, the broader S&P 500 index added 26.85 points or 1.95% to finish at 1,404.05, and the tech-heavy Nasdaq composite index advanced 46.80 points or 1.87% to end at 2,549.94.

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