Mumbai: Resuming on a promising note, share prices gathered further momentum at opening session on the Bombay Stock Exchange (BSE) on May 6 on heavy buying by foreign funds and operators.

Majority of banking stocks continued to be in limelight while power sector scrips joined the buying bandwagon following passing of Electricity Bill 2003 by Parliament.

Market perception was that the banking shares would continue to benefit as government's bond- buyback programme will help them to set-off their non-performing assets (NPAs) besides getting advantage from lower interest rate regime.

In a major step to reform the power sector, the much-delayed Electricity Bill, pending over three years, was approved by Parliament after Rajya Sabha passed it by a voice vote on May 5 incorporating several recommendations of the Parliamentary Standing Committee.

The BSE-30 share sensitive index opened slightly higher at 2,981.87 from May 5 close of 2,975.47 and moved in a narrow range between 2,986.31 and 2,972.79 before being quoted at 2,981.33 at 10.30 am (IST).

Software counters ruled mixed on alternate bouts of buying and selling.

PTI