Sensex up 116 points in early trade

Nov 20 2012, 09:36 IST
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Sensex added 116.29 points, or 0.63 per cent to 18,455.29 in the morning trade.  (Reuters) Sensex added 116.29 points, or 0.63 per cent to 18,455.29 in the morning trade. (Reuters)
SummarySensex added 116.29 points, or 0.63 per cent to 18,455.29 in the morning trade.

The BSE benchmark index Sensex up by over 116 points in the opening trade today, extending yesterday's gains on sustained buying by funds and retailers, tracking a firming trend in the Asian region.

The 30-share barometer which had gained 29.63 in the previous session, added 116.29 points, or 0.63 per cent to 18,455.29.

All the sectoral indices led by realty and auto were trading in the positive territory with gains up to 1.10 per cent.

The wide-based National Stock Exchange index Nifty moved up by 32.60 points, or 0.59 per cent, to 5,604.00.

Brokers said buying by funds and retail investors in line with a firming trend in the Asian region following overnight rally on the US markets on hopes that lawmakers would find a way to avert a fiscal crisis, besides upbeat housing data, influenced the trading sentiments here.

In the Asian region, Hong Kong's Hang Seng rose by 1.02 per cent, while the Japan's Nikkei by 0.49 per cent in early trade today. The US Dow Jones Industrial Average ended 1.65 per cent higher yesterday.

GLOBAL MARKET NEWS

Nifty futures on the Singapore Exchange rose 0.2 percent. The MSCI-Asia Pacific index excluding Japan was up 0.6 percent.

U.S. stocks bounced higher for a second consecutive session on Monday as investors were encouraged by the early atmosphere surrounding talks to tackle the nation's fiscal crunch.

Asian shares rose on Tuesday on hopes of a compromise in the U.S. fiscal crisis, while the euro fell after Moody's Investors Service scrapped France's top-notch credit rating, reminding investors of the protracted euro zone debt crisis.

FACTORS TO WATCH

Finance Minister P. Chidambaram will be in Bangalore for a meeting with the chief ministers of South Zone states.

The Reserve Bank of India Governor Duvvuri Subbarao will give an address on 'G 20 and India' in Mumbai (Event starts at 1230 GMT)

INDIAN STOCKS TO WATCH

ENERGY/COMMODITIES

Tata Steel will continue to pursue a cost-cutting target of 12 billion rupees set for 2012-13 for its domestic operations, said Tata Steel managing director HM Nerurkar. The Home Ministry has allowed Essar Ports and Adani Ports and Special Economic Zone to bid for the mega container terminal project in Chennai.

The Reserve Bank of India directed banks not to give loans for purchase of gold in any form, including primary gold, bullion and jewellery, to dissuade people from indulging in speculative activity.

Monnet Ispat and Energy Ltd is

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