Sensex opens strong, regains 18k level

Agencies

Posted online: Thursday, January 24, 2008 at 0950 hrs IST

Mumbai, January 24:
The Bombay Stock Exchange benchmark Sensex pared initial gains but was still significantly up by about 423 points during morning trading on strong global cues amid sustained FII pullout.

Asian markets too were firm in early trade following an upswing in the NYSE's Dow Jones Industrial Average that snapped a six-day losing streak on Wednesday.

The BSE barometer was up 422.83 points at 18,016.90 at 10.30 am after hitting a high of 18,185.10. It closed at 17,594.07 on Wednesday.

The broader S&P CNX Nifty of the National Stock Exchange also jumped by 110 points to 5,313.40 at 10.30 am from previous close of 5,203.40.

The Dow Jones Industrial Average ended up 300 points on Wednesday while Asian indices were trading higher by about one per cent this morning.

Investors seem to be facing liquidity crunch having locked their funds in the primary markets, particularly in the mega IPO of Reliance Power, market participants said.