The Hindu : Business : Sensex closes at new peak, up 51 points

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Wednesday, May 10, 2006

Business

Business

Sensex closes at new peak, up 51 points

MUMBAI: The Bombay Stock Exchange sensitive index (Sensex) on Tuesday moved erratically and for the first time closed above the 12,500-mark at a new high of 12,513.86, revealing a smart gain of 51.39 points.

The 30-share index opened firm at 12,488.38 against Monday's close of 12,462.47 and soon shot up to a new intra-day high of 12,546.47 on frantic buying by both foreign and domestic funds. However, it turned sharply weak on fresh profit taking and plunged to a low of 12,356.04, only to recover smartly and closed at 12,513.86.

Foreign institutional investors have reportedly made good purchases of Rs. 2,557 crore during the current month till May 5. On that day, the FIIs made a net purchase of Rs. 1,108.10 crore, which, according to market participants, was a good sign.

They described the present volatility as normal and hoped that the market would go up soon.

ONGC, the most sought-after stock, rose by Rs. 61 to close at a new high of Rs. 1,439.85 on hectic buying and its market capitalisation crossed the Rs. 2 lakh crore-mark.

On the National Stock Exchange, the S&P CNX Nifty improved by 27.40 points to 3720.55. Besides ONGC, the other contributors to the Sensex rise were HDFC, SBI, L&T, Maruti, Satyam Computer, ICICI Bank, Infosys Technologies, Bajaj Auto, Tata Motors, Tata Steel and Hero Honda.

Tea and automobile shares were in demand and closed with notable gains. — PTI

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