Mumbai: The sensex opened moderately higher and later crossed 5600-level even as the market remained firm in an otherwise low volume during morning trading on the Stock Exchange in Mumbai today (Oct 1, 2004) on sustained buying support.

The BSE Benchmark 30-share Index opened up at 5587.46 as against yesterday's (Sep 30, 2004) close of 5583.61 and later pierced through 5600-mark to a high of 5616.62. Thereafter, it reacted and dipped to 5579.43 at 10.30 hrs (IST).

Operators and retail investors seemed to be engaged in profit booking at the prevailing higher price levels on the beginning session of October contract in derivatives.

Attributing the strong trend to a robust 7.4 per cent GDP growth in first quarter of the fiscal and fairly heavy FII inflows in the first three sessions of the week, brokers said the volume was relatively low during early stages due to the turnover tax which has become effective from October one.

Foreign Institutional Investors reported net investments of Rs 276.10 crore in three days from September 27 to 29.

Blue chip counters including Tata Steel, Zee Telefilms, RIL, SBI, HPCL, HLL, Cipla, Bharti Tele-Venture and Bajaj Auto were quoted substantially lower.

However, BHEL, Dr Reddy, HDFC Bank, HDFC, Hero Honda, ICICI bank, Infosys Tech, L&T, ONGC and a few others showed marked gains.