Indian shares end 1 pct up at record
NEW DELHI (Reuters) - Indian shares rose 1.1 percent to a record close on Friday as foreign investors bought shares in Reliance Industries and ICICI Bank on hopes
of strong earnings growth.
The main BSE index ended 145.42 points up at 13,282.91 points after hitting an all-time high of 13,303.85, while only seven out of the 30 index stocks ended lower.
Analysts said a lot of investors who had sold in the options market in anticipation of a fall squared up the transactions when they saw the index rising, adding to its gains.
The index, which has gained nearly 1.2 percent this week, is up 41 percent since the start of the year on overseas investment of more than $7 billion. This is still behind 2005's total of $10.7 billion.
"There was lot of fund interest in Reliance at lower levels and in ICICI Bank because retail loans growth will be strong," said Deven Choksey, chairman at K R Choksey Shares and Securities.
Reliance Industries Ltd., the top weighted stock at 11.7 percent, closed nearly 2 percent higher at 1,286.25 rupees.
ICICI Bank Ltd., India's second largest lender, jumped 4.1 percent to a record close of 831.85 rupees. It was top gainer on the index.
Shares elsewhere in the region surrendered gains with the Karachi 100 index ending 2 percent down at 10,739.45 points. The CSE All-Share index in Colombo lost 0.6 percent to 2,564.8 points.
STOCKS THAT MOVED
* Civil engineering firm Simplex Infrastructures Ltd. rose 7.4 percent to 385.60 rupees after it secured an order worth 2.12 billion rupees from Delhi Metro Rail Corp. Ltd.
* Oil refining and marketing companies like Hindustan Petroleum Corp., Bharat Petroleum Corp. fell over 2 percent after U.S. crude oil futures rose to $61 a barrel.
* Bulk drug maker Granules India Ltd. rose 2.9 percent to 91.65 rupees after its board approved raising up to $20 million through convertible securities or overseas issues.
TOP TWO MAIN STOCKS BY VOLUME
* Reliance Industries on 2.7 million shares
* Hindalco Industries Ltd. on 1.5 million shares.
of strong earnings growth.
The main BSE index ended 145.42 points up at 13,282.91 points after hitting an all-time high of 13,303.85, while only seven out of the 30 index stocks ended lower.
Analysts said a lot of investors who had sold in the options market in anticipation of a fall squared up the transactions when they saw the index rising, adding to its gains.
The index, which has gained nearly 1.2 percent this week, is up 41 percent since the start of the year on overseas investment of more than $7 billion. This is still behind 2005's total of $10.7 billion.
"There was lot of fund interest in Reliance at lower levels and in ICICI Bank because retail loans growth will be strong," said Deven Choksey, chairman at K R Choksey Shares and Securities.
Reliance Industries Ltd., the top weighted stock at 11.7 percent, closed nearly 2 percent higher at 1,286.25 rupees.
ICICI Bank Ltd., India's second largest lender, jumped 4.1 percent to a record close of 831.85 rupees. It was top gainer on the index.
Shares elsewhere in the region surrendered gains with the Karachi 100 index ending 2 percent down at 10,739.45 points. The CSE All-Share index in Colombo lost 0.6 percent to 2,564.8 points.
STOCKS THAT MOVED
* Civil engineering firm Simplex Infrastructures Ltd. rose 7.4 percent to 385.60 rupees after it secured an order worth 2.12 billion rupees from Delhi Metro Rail Corp. Ltd.
* Oil refining and marketing companies like Hindustan Petroleum Corp., Bharat Petroleum Corp. fell over 2 percent after U.S. crude oil futures rose to $61 a barrel.
* Bulk drug maker Granules India Ltd. rose 2.9 percent to 91.65 rupees after its board approved raising up to $20 million through convertible securities or overseas issues.
TOP TWO MAIN STOCKS BY VOLUME
* Reliance Industries on 2.7 million shares
* Hindalco Industries Ltd. on 1.5 million shares.
posted by anandsonline @ Saturday, November 11, 2006
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