We Have Recently Made Changes to Our Website, If you are unable to find something Specific, Please Search Below

Web onlypunjab.com

Indian shares surge to new closing high
Publish Date : 12/2/2004 2:51:00 PM   Source : Business News Onlypunjab.com

Shares on the  benchmark  Bombay  index
surged  past the 6,300-level to a new closing high  on  Thursday,
tracking global gains and powered by cheaper crude oil prices and
strong foreign fund flows into India.
 
The 30-share Bombay Stock Exchange index leaped above the  6,300-
level  quickly  today  and then hit a  record  intraday  high  of
6,335.14  points  before ending 1.62 percent higher  at  6,328.43
points. The index is now up 8 percent this year.
But gainers only narrowly beat losers, 1,019 to 1,005, in  active
trade  of 234 million shares, reflecting some underlying  selling
pressure from domestic funds and retail investors.
 
The  50-issue National Stock Exchange index rose 1.96 percent  at
2,000.45 points, also a record closing high.
 
Foreign funds bought a record 1.4 billion dollars worth of Indian
shares in November, compared to 876 million dollars in October.
 
Ganesh   Shanbag,  senior  analyst  with  the  Bombay-based   SMS
securites, forecast markets should stablise now.
 
"It  is long overdue. A 100-200 points correction is required  in
this  market.  Only if the market corrects and moves forwad,   it
is a good, healthy sign in the long run. I think it should happen
anytime  now  and  100-200 points could be  expected  before  the
market takes off before December," he said.
 
Shanbag  said  markets  also gained after signs  of  a  potential
resolution  to  a spat between the Ambani brothers who  head  the
Reliance conglomerate.
 
"But  to add that things have been sorted out to some extent,  an
amicable solution has been reached, but that issue has as of  now
been  taken care of.  That issue is not a deterrent or  hindrance
in  the  market.  Probably the markets  recovered  and  even  the
Reliance   stock  which  fell  drastically  last  weekend    have
recovered  in the last 3-4 trading sessions.  I think there is  a
lot of positivity back in the market, " he said.
 
Reliance  Industries Ltd., the top private-sector  refiner,  rose
2.6 percent to Rs. 541.8.(ANI)