By IANS
Mumbai : The benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) surged 253.45 points after opening on the first day of the month on a positive note at 17,820.67 on initial buying interest amid concerns of a possible US recession.
The 30-share Sensex touched an intra-day high at 17,902.16 points from its previous close of 17,648.71 in early trade on hopes that the reported possibility of additional rate cuts by that US Federal Reserve would increase money flow into Asian markets.
The broader 50-share S&P CNX Nifty index of the National Stock Exchange (NSE) smartly climbed 74.75 points to hit a high of 5,215.35 points in early trade after opening almost flat at 5,140.60.
The market edged higher in early trade led by gains in IT stocks. Trading in Asian markets were mixed. US markets ended on a firm note Thursday.
Major IT stocks were in demand in early trade. However, cement shares were facing selling pressure. Overall, market breadth was positive.
Satyam Computer surged 5.20 percent to Rs.409.35. It was the top gainer from the Sensex pack. Infosys Technologies was up 1.41 percent to Rs.1,521.50, Wipro was up 0.18 percent, and TCS up 0.93 percent to Rs.883.55.
Among banking stocks, ICICI Bank gained 3.70 percent to Rs.1,188 and State Bank of India was up 0.34 percent to Rs.2,169. However, HDFC Bank declined 0.94 percent to Rs.1,553.25.
NTPC gained 2.17 percent and Reliance Industries (RIL) was marginally down at Rs.2475.85.
Future Capital Holdings was trading at Rs.894 on BSE, at a premium of 16.86 percent over IPO (initial public offer) price of Rs.765. The stock debuted today at Rs.1,044 on BSE, a premium of 36.44 percent over the IPO price. The scrip hit a low of Rs.826.10 and high of Rs.1,100 so far in the day. About 2.82 million shares changed hands in the counter on BSE.
A good rollover in derivatives segment was witnessed when the January 2008 derivative contracts expired Thursday. Rollover of Nifty futures from January 2008 series to February 2008 series stood at 75 percent while rollover was 80 percent in stock futures.
Foreign institutional investors sold shares worth Rs.39.38 billion Thursday. Domestic institutional investors were net buyers of shares worth Rs.21.6 billion on the same day.