The Hindu : Business : Sensex at new peak

Online edition of India's National Newspaper
Wednesday, May 03, 2006

Business

Business

Sensex at new peak

MUMBAI: A steady flow of robust corporate earnings, a firm Asian trend and indications of healthy gross domestic product (GDP) growth pushed the Bombay Stock Exchange benchmark Sensex to a new closing peak of 12,218.78, a jump of 176.22 points.

The market, however, failed to maintain higher levels reached during intra-day trading as heavy profit taking in the last 30 minutes trimmed the gains.

The 30-share index (Sensex) hit a new intra-trade high of 12,288.51, before closing at 12,218.78, up by 1.46 per cent over Saturday's close.

The National Stock Exchange S&P CNX Nifty too went up by 47.85 points or 1.35 per cent to a new closing peak of 3605.45.

The Finance Minister P. Chidambaram's statement on Sunday that soaring crude prices might not have a direct impact on the country's GDP growth rate coupled with better-than-expected fourth quarter earnings from a majority of corporates powered Tuesday's price rally.

Global oil prices rose past $74 a barrel in Asian trade amid Iran's predictions that crude oil prices might touch $100 a barrel by the winter of 2006.

Despite reduced FII inflows, domestic mutual funds were believed to be making heavy purchases in a number of blue chip counters at higher levels.

PTI

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