Tuesday, April 12 2005 11:09 Hrs (IST) - World Time -

Mumbai: Led by announcement of encouraging quarterly results by Mphasis BFL, the Bombay Stock Exchange (BSE) today (Apr 12, 2005) opened on a promising note and later rallied smartly during morning trading on emergence buying support.

The software major Mphasis BFL this morning came out with better-than-expected financial results for the quarter ended March 31, 2005.

The BSE Benchmark 30-share Index opened moderately up at 6407.39 as against yesterday's (Apr 11, 2005) close of 6397.52 and later surged up to a high of 6452.58 before being quoted at 6452.14 at 10:30 hrs (IST), up by 54.62 points.

Select IT and Steel counters attracted keen demand. Some software and steel companies are likely to announce their financial results during the week, brokers said.

The market discounted negative foreign Institutional Investors (FII) activity and high world oil prices as quarterly results announced by Mphasis BFL enthused investors.

Investors also were optimistic about encouraging working by other corporates, brokers added.

Global oil prices snapped the losing streak and rebounded in New York and London yesterday.

Key counters like Wipro, Tata Steel, Tata Motor, SBI, Satyam Computers, ONGC, Maruti Udyog, Infosys Tech, ICICI Bank Hindalco, Hero Honda, HDFC, GACL, Cipla, BHEL, ACC and Bajaj Auto were quoted remarkably up on fresh buying support.