Mumbai: The stock market witnessed slight movements during early trade on Thursday with the BSE benchmark Sensex rising 91 points at 1015 hours on reports about public offers by a couple of public sector undertakings.

The market sentiment was also boosted by news that the International Monetary Fund raised India’s growth forecast to 5.4 per cent for 2009 even as it projected the world economy to shrink by 1.4 per cent this year.

The Bombay Stock Exchange 30-share barometer was quoted higher at 13,860.27 at 1015 hours, a net rise of 91.12 points or 0.66 per cent over its previous close.

Similarly, the broader 50-share Nifty of the National Stock Exchange gained 25.25 points at 4,104.15.

Further reports that Finance Minister Pranab Mukherjee will discuss the disinvestment roadmap with the Sebi board also contibuted to the market surge.

The country’s largest hydro power producer NHPC is likely to launch an initial public offering (IPO) next month while the nation’s second-largest state-run explorer Oil India is expected to come out with its IPO in the first week of September.

Foreign Institutional Investors, however, sold shares worth Rs 828.01 crore on Wednesday, taking the total sales to Rs 3,232.43 crore in the initial three days of week.

[source: financialexpress.com]