16 Feb 11.10 AM:Indices give up early gains

16 February 2006

The positive closing by US markets yesterday following the by the new US Fed chief is helping markets across Asia. Most Asian indices, with the notable exception of Shanghai which has lost more than 1.5 per cent, are trading higher.

Further decline in crude prices yesterday after the release of US crude inventory data is also helping sentiment. NYMEX crude slipped below $58 yesterday.

The Sensex opened higher at 10133 and saw a new intra-day lifetime high of 10195. The index is trading higher by 10 points at 10122 at 11.10 AM.

The Nifty opened marginally higher at 3023 and saw a high of 3037 in early trades. The index is trading flat at 3020.

Dr Reddy's is the biggest gainer among index stocks after the company said it would acquire a German drug company. The stock is now trading more than 4 per cent higher.

SAIL has made a comeback and is now trading more than 2.5 per cent higher.