Markets open on positive note amid mixed global cues
June, 02nd 2008
MUMBAI: Equities opened higher on Monday amid mixed global cues. However, it needs to be seen whether the market can sustain gains given cautious sentiment ahead of the decision on hiking fuel prices. Information technology shares led the jump, followed by consumer durables and metal counters.
Bombay Stock Exchanges Sensex was at 16,549.22, up 133.65 points or 0.81 per cent from Fridays close. National Stock Exchanges Nifty rose 0.65 per cent or 31 points at 4901.55.
BSE Midcap and Smallcap indices were up 0.54 per cent and 0.81 per cent respectively.
Biggest Sensex gainers were Infosys Technologies (up 2.48%), Jaiprakash Associates (up 1.78%), Satyam Computer (1.29%), State Bank of India (1.29%), Tata Motors (1.2%) and Wipro (1.16%).
Hindustan Unilever (down 1.39%), NTPC (1.36%), Mahindra & Mahindra (0.59%), Hindalco Industries (0.18%) and Reliance Communications (0.14%) were the losers.
Market breadth on BSE showed 874 advances against 386 declines.
Meanwhile, US technology shares rose on Friday as strong results from computer maker Dell Inc signalled that business and consumer spending was holding up, driving the Nasdaq to end the month up 4.6 per cent. Rising oil prices, however, spurred uneasiness, limiting Wall Street's gains, with the S&P 500 rising marginally and the Dow Jones Industrial Average posting moderate losses.
Asian stocks advanced for a third day, led by mining companies, after metal prices rebounded. The Nikkei was up 0.05 per cent, Hang Seng rose 0.78 per cent and Straits Times was trading flat, up 0.02 per cent.