The Hindu : Business : Sensex up 155 points

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Wednesday, Jan 03, 2007
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Sensex up 155 points

Automobile and technology stocks lead rally

— PHOTO: AFP

BULL IN THE BOURSE: South Korean Finance and Economy Minister Kwon O-Kyu (right) poses with a bull to celebrate the New Year's opening of the stock market at the Korea Exchange in Seoul on Tuesday.

MUMBAI: The Bombay Stock Exchange key index, Sensex, shot up by 155 points on the first trading day of the New Year following a widespread rally led by automobile stocks and heavy fund buying on firm Asian advices.

Trading began on a promising note as foreign institutional investors (FIIs), who were away for Christmas and New Year holidays, resumed with a bang and made hefty purchases following a steep rally in Asian markets, dealers said.

The BSE 30-share benchmark index Sensex opened strong at 13827.77 against the previous close of 13786.91. After hitting a high of 13980.54, it closed at 13942.24, a gain of 155.33 points or 1.13 per cent.

Bull operators and retail investors also became active and made good purchases in index heavyweights, which boosted sentiment, brokers said. Similarly, on the wide-based National Stock Exchange, the 50-share S&P CNX Nifty rose by 41 points to 4007.40.

Automobile shares, led by Bajaj Auto, made handsome gains after the announcement of encouraging December 2006 sales figures of many companies. — PTI

Rally in S. Korean tech stocks

South Korean technology stocks, including semiconductor shares, led the market's gains on Tuesday, but the market closed nearly flat on losses in bank stocks weighed by recent government restrictions on mortgage loans. The Korea Composite Stock Price Index, or Kospi, ended 0.06 per cent higher at 1435.26.

Dominant electricity provider Korea Electric Power closed 4.1 per cent higher at 44,150 won ($47; euro 36) on news of a price hike. But its gains "will likely be short-lived, and in the longer term, the stock may only track overall market performance with little extra upside momentum of its own," said an analyst at Korea Investment and Securities.

— AP

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