Mumbai: The Sensex opened on a firm note and continued its upward march during morning trading in line with a fresh stocks rally on the Bombay Stock Exchange (BSE) today (Jan 14, 2004) on sustained Foreign Institutional Investors' (FII) inflows coupled with buying by retail investors.

The BSE benchmark 30-share index opened strong at 6,157.88 as against yesterday's close of 6,132.97 and later spurted to a high at 6,197.61 before being quoted at 6,184.34 at 10.30 hrs (IST).

The market is being driven by sustained net investments by FIIs, which are expected to pump in more funds in bourses. FIIs made net purchases of Rs 173 crore on Monday (Jan 12, 2004).

Reports that the Government might clear a barrage of reform measures after a mini-budget last week also had some positive impact on the market.

The Cabinet meeting, which is likely to be held in the current month, is expected to hike foreign investment limit in telecom sector to 74 per cent and allow foreign airlines more access in the country.

Commenting on possibility early Lok Sabha polls, market sources said operators are very cautious and the market will remain volatile in the light of reports that the Vajpayee will recommend dissolution of the Lok Sabha in the first week of February.

Key stocks like IL, SBI, Tisco, L&T, ITC, Grasim, GACL, BSES, Bharti Televenture and ACC were quoted sharply up on fresh buying support.