Key Indian equities index hits lifetime high

Monday, 15 January 2007, 06:00 Hrs
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Mumbai: Indian shares rose 0.56 percent to lift a key index to a lifetime high, buoyed by buying interest in some heavyweight stocks such as Reliance Industries and Infosys Technologies.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) gained 143.88 points or over one percent in the first five minutes of trading to hit an all-time intra-trade high of 14,200.41 points.

The barometer index finally ended the day at 14,129.64 points, up 73.11 points or 0.56 percent. The index had hit the previous intra-day high of 14,070.88 points Jan 12.

Similarly, the broader 50-share Nifty of the National Stock Exchange (NSE) rose 0.6 percent, or 25.95 points, to close at 4078.40 points.

Analysts said looking at the buoyancy in the markets, the Sensex can scale the 15,000-point level before Finance Minister P. Chidambaram presents the national budget next month.

"The strong momentum has been led by robust results from Infosys, HDFC Bank and UTI Bank for the third quarter of this financial year. We are clearly in a long-term up-trend," an analyst said.

Leading the Sensex gainers was Tata Steel, up 3.92 percent at 485.70, followed by HDFC Bank, up 2.68 percent at 1,091.75 and Ranbaxy Laboratories Ltd, up 2.26 percent at 430.50.

Larsen and Toubro, Gujarat Ambuja Cements, Reliance Industries, Reliance Energy and ACC also ended higher.

Carmaker Maruti Udyog led the top losers, down 1.62 percent at 905.85 followed by Bharat Heavy Electricals, down 1.57 percent at 2,221.65, ICICI Bank, down 1.28 percent at 957.70, and Hero Honda, down 1.28 percent at 733.60.

ONGC, Dr Reddy's Laboratories Ltd and SBI were some of the other top losers on Monday.

Top private firm Reliance Industries, which is expected to report its quarterly results Thursday, rose 1.83 percent at 1,364.65. Infosys, which has the next highest value in the Sensex, was up nearly one percent at 2,243.05.
Source: IANS
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