Banking stocks in demand in early trade (Lead)May 2nd, 2008 - 12:18 pm ICT by admin
Mumbai, May 2 (IANS) The Indian equities market which opened in the green Friday was trading with a positive gap in the first hour, led by banking stocks. The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a gain of 272.84 points at 17,560.15. Ten minutes into trading, it reached 17,566.67 with a gain of 279.36 points or 1.62 percent compared to Wednesday’s close.
At the same time the S&P Nifty of the National Stock Exchange was trading at 5,232.65 with a gain of 66.75 percent or 1.29 percent compared to its previous close.
The bourses were closed Thursday on account of Labour Day.
The market breadth was strong on BSE Friday morning; 1,312 shares advanced, 284 declined, 23 remained unchanged.
Maruti Suzuki, TCS and Jaiprakash Associates were among the gainers while Hindalco and Reliance Communications were among the losers in initial trade.
Other Asian markets were trading higher.