Wednesday, June 29 2005 11:20 Hrs (IST) - World Time -

Mumbai: The Sensex today (Jun 29, 2005) opened better and moved up further smartly during the early trading on the Bombay Stock Exchange (BSE) on fresh low-level buying and was quoted 30 points higher at 10:30 hrs (IST).

The BSE benchmark 30-share sensitive index opened with fresh gains at 7059.37 as against yesterday's (Jun 28, 2005) close of 7049.00 and after moving in a wide range of 7093.39 and 7034.48, was quoted at 7075.92 at 10:30 hrs (IST) showing a smart recovery of 29.92 points over the previous close.

Yesterday the index had declined sharply by 102 points as shares met with heavy profit-selling because the market was in an overheated position following a week-long rally during which the Sensex had rallied by more than 242 points.

Yesterday's correction was overdue as the market had risen too high and it was a good sign of a healthy market, a broker said.

Foreign Institutional Investors (FIIs) who made active participation during the previous week and made a net purchase in equities worth Rs 3066.8 crore, were more or less remained on the sideline in the last two days, a broker said.

However, in today's early trading, blue chip heavyweight shares found heavy low-level buying and rallied.

During the early trade, RIL, HDFC Bank, BHEL,Infosys Tech, TCS and ITC rose sharply. Elsewhere, Cipla, L&T, NTPC, Ranbaxy, Styam, SBI, Tata Motors and Tata Motors, Hero Honda, HLL and REL were also quoted better.

However, ACC, Bajaj Auto, Grasim, ONGC, HDFC, GACL, Hindalco, Maruti, ICICI Bank, Tata Power and Wipro remained weak on increased selling.