10:00AM New York, 7:30PM Mumbai - Sensex stocks opened the year with a rise of 0.80%.

The 30-share BSE Sensex index closed up 0.8% to 164.59 at 20,465.30. During the day, the index traded in a range of 450 points.

The broader CNX S&P Nifty was up 0.8% or 35.05 at 6179.40. Banking stocks rebounded from earlier loses while software shares were subdued.

Of the stocks traded on the BSE, 1,974 shares advanced on the Bombay Stock Exchange 934 shares fell, and 13 remained unchanged. Turnover on BSE amounted to 10,984 crore rupees while turnover on the National Stock Exchange was at 22,655 crore rupees.

Of the Sensex shares, 16 advanced while the rest declined.

Market regulator SEBI is reviewing the 10% limit on stake held by directors or key management personnel in a company, proposed to be brought under the insider trading regulation.

The SEBI also proposed that company insiders should surrender profits made in any equity-based securities transactions of the company that is sold within six months of purchase.

Reliance Energy rose 4.09% to 2,372.10 rupees. It led the advancers in the Sensex index on news reports that Reliance Power is planning to raise $3 billion through the initial public offering of 26 crore shares at a price between 405 rupees to 450 rupees per share. Reliance Energy will lower its holding in Reliance Power to 50% from the current 100%.

Housing Development Finance Company gained 3.8% to 3,030 rupees. HDFC recently agreed to sell 7.15% stake in its life insurance joint venture - HDFC Standard Life Insurance Company a Mauritius based company, to Standard Life for 201 crore rupees.

State Bank of India advanced 1.2% to 2,413.20 rupees, ICICI Bank surged 3.4% to 1,273 rupees.


6:00AM New York, 6:00PM - Hong Kong stocks declined on the first day of trading in 2008.

Stocks in Hong Kong declined as investors were wary pressures will mount on the U.S. dollar on speculation the U.S. Federal Reserve will cut interest rates on January 30.

In Hong Kong trading Hang Seng Index declined 1.24% or 346.13 to 27,466.52.

Turnover on the main board crossed HK$43.88 billion by mid-day, compared to HK$43.4 billion recorded during Monday''s half-day session.

The Hong Kong dollar is pegged at HK$7.80 to one U.S. dollar.

China Railway and China Communications Construction both rose 5% on expectations that infrastructure activities in China will increase in the coming years.

Property companies fell on expectations that a rate cut by the U.S. Federal Reserve might put pressures on the U.S. dollar. Hang Lung Properties declined 3.4%, Sun Hung Kai Properties tumbled 0.12 % and Cheung Kong plummeted 0.83 %.

Commodity stocks tumbled on falling metal prices. Datang Power, Chalco and Yanzhou Coal plunged as a result. However coal-mining company Hidili Industry International Development rose 1.84 % after the company said it will buy mining rights of three coal mines in Guizhou province for Rmb355 million.

MTR Corp climbed down from a record HK$30.75 before closing the morning up 5.75% at HK$30.35 as a result of its merger with Kowloon-Canton Railway Corp December.