Indian shares hit new peak
MUMBAI (Reuters) - Indian shares rose 0.52 percent on Monday to a record close, led by top private firm Reliance Industries Ltd. and construction and engineering firm Larsen & Toubro Ltd.
The 30-issue benchmark BSE index ended up 73.11 points at 14,129.64, with 20 components gaining, after hitting a lifetime peak of 14,202.12 in morning trade. The previous high of 14,070.88 was set on Friday.
"There is some amount of warehousing being done with expectations that FII allocations for 2007 could be better," said Avinash Gorakshakar, head of research at Emkay Share and Stock Brokers Ltd.
Foreign institutional investors (FII), who bought nearly $8 billion of stocks on 2006, have been net sellers to the tune of $240 million in early 2007.
"Once the surprise element is out we'll see the market settling down," Gorakshakar said.
The mood was positive in the broader markets with 1,741 gainers outpacing 903 losers on volume of 392 million shares.
The 50-issue NSE index rose 0.64 percent to 4,078.40 points.
Top private firm Reliance Industries, which has the largest weighting in the main index, rose 1.8 percent to 1,364.65 rupees ahead of its quarterly results on Thursday. The company is expected to post a 26 percent rise in quarterly earnings, a Reuters poll showed.
Larsen & Toubro gained 2.2 percent to 1,499.75 rupees. Both Reliance and L&T hit record highs.
Top private steelmaker Tata Steel rose 3.9 percent to 485.70 rupees. The company, which is in a takeover battle for Anglo-Dutch steel maker Corus Group Plc, on Monday said it bought 100 percent stake in a privately-held ferro alloy firm that has a plant in eastern India.
Top software exporter Tata Consultancy Services, which is expected to post a 49 percent rise in quarterly earnings later on Monday, gained 0.2 percent to 1,327.90 rupees.
Elsewhere in the region, Karachi's 100-share index rose 0.77 percent to a one-month closing high of 10,505.85 points. Colombo was closed for a holiday.
STOCKS THAT MOVED
* Software firm CMC Ltd. surged 30 percent to 907.35 rupees after its December quarter net profit jumped 79 percent from a year ago.
* Tata Sponge Iron Ltd. rose 20 percent to 124.80 rupees after its quarterly net profit jumped from a year earlier.
* Shares in telecoms services firm Videsh Sanchar Nigam Ltd. rose 6.8 percent to 465.15 rupees after media reports said it was in talks to buy Sri Lankan private telecom operator Suntel.
* State-owned Steel Authority of India Ltd. rose 10.2 percent to 99.85 rupees after India's steel minister said it will invest more than $20 billion to expand its annual output to 40 million tonnes by 2020.
MAIN TOP THREE BY VOLUME
* IFCI Ltd. on 55.2 million shares
* Reliance Natural Resources on 15 million shares
* Steel Authority of India Ltd. on 8.3 million shares
The 30-issue benchmark BSE index ended up 73.11 points at 14,129.64, with 20 components gaining, after hitting a lifetime peak of 14,202.12 in morning trade. The previous high of 14,070.88 was set on Friday.
"There is some amount of warehousing being done with expectations that FII allocations for 2007 could be better," said Avinash Gorakshakar, head of research at Emkay Share and Stock Brokers Ltd.
Foreign institutional investors (FII), who bought nearly $8 billion of stocks on 2006, have been net sellers to the tune of $240 million in early 2007.
"Once the surprise element is out we'll see the market settling down," Gorakshakar said.
The mood was positive in the broader markets with 1,741 gainers outpacing 903 losers on volume of 392 million shares.
The 50-issue NSE index rose 0.64 percent to 4,078.40 points.
Top private firm Reliance Industries, which has the largest weighting in the main index, rose 1.8 percent to 1,364.65 rupees ahead of its quarterly results on Thursday. The company is expected to post a 26 percent rise in quarterly earnings, a Reuters poll showed.
Larsen & Toubro gained 2.2 percent to 1,499.75 rupees. Both Reliance and L&T hit record highs.
Top private steelmaker Tata Steel rose 3.9 percent to 485.70 rupees. The company, which is in a takeover battle for Anglo-Dutch steel maker Corus Group Plc, on Monday said it bought 100 percent stake in a privately-held ferro alloy firm that has a plant in eastern India.
Top software exporter Tata Consultancy Services, which is expected to post a 49 percent rise in quarterly earnings later on Monday, gained 0.2 percent to 1,327.90 rupees.
Elsewhere in the region, Karachi's 100-share index rose 0.77 percent to a one-month closing high of 10,505.85 points. Colombo was closed for a holiday.
STOCKS THAT MOVED
* Software firm CMC Ltd. surged 30 percent to 907.35 rupees after its December quarter net profit jumped 79 percent from a year ago.
* Tata Sponge Iron Ltd. rose 20 percent to 124.80 rupees after its quarterly net profit jumped from a year earlier.
* Shares in telecoms services firm Videsh Sanchar Nigam Ltd. rose 6.8 percent to 465.15 rupees after media reports said it was in talks to buy Sri Lankan private telecom operator Suntel.
* State-owned Steel Authority of India Ltd. rose 10.2 percent to 99.85 rupees after India's steel minister said it will invest more than $20 billion to expand its annual output to 40 million tonnes by 2020.
MAIN TOP THREE BY VOLUME
* IFCI Ltd. on 55.2 million shares
* Reliance Natural Resources on 15 million shares
* Steel Authority of India Ltd. on 8.3 million shares
Source : Reuters
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