Low crude oil prices boosted market

Mumbai -- Market witnesses rise in the opening session of trade.

Low crude oil prices and strong Global cues have once again boosted the markets to register strong opening. Heavy buying witnessed in the Index heavy weights like Reliance Industries, SBI, Dr Reddy’s Lab, Tata Motors, Ranbaxy and HLL which helped them advance further. The morning trading session is going well, the BSE 30-share Sensex is up by 60 points at 11791 and NSE 50-share Nifty has gained 18 points at 3449. OBC, HLL, ONGC, Tata Power, Colgate and Bajaj Auto are the major gainers among the 50-scrips of Nifty.

Asian stocks were largely higher this morning after U.S economy grew faster than estimated last quarter and inflation trailed forecast. Exporters like Samsung Electronics and Canon surged higher.

An acquisition of the local packing material maker helped Essel Propack to move higher. Essel Propack has surged by 1.2% to Rs. 79 after the company declared that it would pay Rs. 635mn to get control of a local flexible packing material maker. The scrip has touched an intra-day high of Rs. 80 and a low of Rs. 78 and has recorded volumes of over 15 thousand shares on NSE.

However, Sagar Cements has slipped by 5% to Rs. 88. The company has planned to raise cement capacity to 2.15mn tons. The scrip has touched an intra-day high of Rs. 94 and a low of Rs. 88 and has recorded volumes of over 35 thousand shares on BSE.