Mkts open in green, subdued

Mkts open in green, subdued. Check it out:
(The Economic Times (India) Via Thomson Dialog NewsEdge) The market opened in the green on Friday with the BSE benchmark index--Sensex gaining further by over 44 points in early morning on the back of sustained buying by funds in blue-chip shares. However, the trading was subdued as the participants adopted a cautious stance.



At 11.00 am, the Sensex was trading 35 pts up, at 12,412 while, Nifty was up 9.70 pts, at 3581.

The major indices opened in the green, marginally up but the metal stocks stole a march over others, up 2.20 per cent.

Amongst the individual stocks major gainers on the BSE were Tata Steel up 2.30 per cent at 530.90, Hindalco up 1.65 per cent, at 173 and Tata Motors up 1.55 per cent, at 855.55. Maruti also opened well after being in the negative the whole day on Thursday at 954.85 up 1.32 per cent.

On the NSE, the top gainers were SAIL up 2.92 per cent at 77.55, VSNL at 401 up 2.48 per cent and Tata Steel at 530.50 up 2.21 per cent.

Some of the losers on the BSE in the morning trade were ICICI Bank down 1.23 per cent at 699.70 and Hero Honda down almost 2 per cent at 780.60.

Auto stocks were trading higher, with Maruti, Punjab Tractors, Tata Motors and TVS Motor all up leading the pack of gainers. M&M, will be acquiring a 67.9 per cent stake in Jeco Holding AG, a German forging company, at an enterprise value of Rs 8.3 billion. The company will be acquired through the Mauritius subsidiary of M&M and will be subsequently integrated with Mahindra Automotive Steels Limited (MASL).The stock was trading higher by 1 per cent.

The US markets closed higher on Thursday evening, with the Dow Jones clocking its second-highest close ever. In fact, during the course of the day's trade, the Dow actually surpassed its record closing high of 11,723 hit on January 14, 2000 amid optimism that falling oil prices and the hope that that will help the United States avoid a sharp slowdown.

The Asian indices were currently trading mixed. The Asian markets struggled to match gains on the Wall Street. The Nikkei was up 0.4 per cent at the mid session break, after touching its highest level since September 8 in the morning session.

Oil fell around half a percent, as swelling U.S. inventories outweighed concerns producer cartel OPEC may cut output to defend prices that have fallen around 20 percent over the past two months. NYMEX crude fell 33 cents to $62.43 a barrel. Gold, tracking oil prices in recent weeks, eased to around $599.80 an ounce.

Share markets in Seoul and Taiwan were flat, while Hong Kong's Hang Seng rose 0.3 per cent but Singapore's Straits Times STI fell by the same amount.

Copyright 2006 The Economic Times of India, Coleman & Co Ltd. Source : Financial Times Information Limited
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