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Sensex, Nifty up to 4780 and 1389; rupee recovers to 43.47 to US $

The Bombay Stock Exchange opened on a firm and buoyant note on Monday morning. Dealers attributed the resurgent mood to the heavy turnout in the first phase of the general election on Sunday and the strong public perception that a stable national government will be formed soon in Delhi.

Software shares were in the limelight. Pivotals recovered on renewed speculative activity. Tata group's blue chip shares were firm in early trades. The share price of Satyam Compter Services crossed Rs 900 while HCL, Pentafour and Navneet Publication hit the upper limit of the circuit-breaker.

The BSE Sensex opened higher and at 1530 hours IST, was quoting at 4780, up 70 points. (Trading will end at 1600 hrs IST on Monday, to compensate for the delay due to snags in Very Small Aperture Terminals in the morning.)

At the National Stock Exchange, the S&P CNX Nifty of the NSE opened higher and was at 1389, up about 14 points.

At the inter-bank foreign exchange market, the rupee was at 43.47 against the US dollar, up three paise from Friday's closing level of 43.50. Dealers said liquidity was tight because there were no large inflows of funds from institutions. Call rates are expected to remain steady through the day.

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