Sensex up 29 points
Mumbai: The stock markets opened higher and moved up marginally further on Wednesday on renewed buying interest in select blue chip stocks. At 10.45 a.m, the BSE Sensex was up 29.40 pts to 5607.36 over the previous close of 5577.96. The S&P/CNX Nifty Index on the NSE was up 9 points to 1798.50. Infosys added 0.60 pc to Rs 5,354. Satyam Computer Services rose 0.65 pc to Rs 360. Wipro was up 1 pc at Rs 1,696. Satyam edged down 0.10 pc at Rs 351.40, HCL Tech was up 0.70 pc at Rs 294.50 and NIIT was up 1.70 pc at Rs 257.

Old economy heavyweight Reliance was flat at Rs 526.75, SBI was up 0.70 pc at Rs 512. Tata Steel firmed up 0.20 pc at Rs 402. SAIL was up 0.20 pc at Rs 47.10. Tata Motors was up 1.60 pc at Rs 439.55. FMCG major HLL was up 0.90 pc at Rs 201.40 and ITC was up 0.35 pc at Rs 990.
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Rupee starts steady
Mumbai: The rupee made a steady start in cautious trade on Tuesday with dealers expecting dollar demand from importers after the local currency slipped last session to a two-week closing low, dealers said.

At 9:25 a.m., the rupee was quoted at 45.5600/5700 per dollar, barely changed from the previous close of 45.5675/5750. Traders said the spot settlement date for Tuesday's deals was Friday due to a holiday on December 25 for Christmas. "We are watching if the commercial demand and export cancellations we saw on Monday continues," said a chief dealer at a private sector bank.
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Commodity prices to stay firm in 2004
Mumbai: Commodity prices are expected to be firm next year as well. This spells good news for commodity producers and bad news for end-users. Prices of several commodities have touched multi-year highs this year. For instance, international coal prices are up between 25 per cent and 40 per cent over prices of last year, domestic steel prices are up 14 per cent in the last six months, sponge iron prices are up 35 per cent, spot iron prices are up 50 per cent, ferro chrome prices are up 30 per cent, alumina prices are up 80 per cent, caustic soda up 15-20 per cent, pulp prices up 8 per cent and crude oil prices are up 20 per cent.

The rise in commodity prices is likely to put pressure on earnings of various companies. Manufacturers of cement, steel, aluminium, petroleum products, steel, power and food products will have to live with around 5-15 per cent lower margins in 2004-05.
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