The Hindu : Business : Nifty hits new peak

Online edition of India's National Newspaper
Tuesday, May 29, 2007
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Business

Nifty hits new peak

MUMBAI: Nifty scaled a new peak of 4,295.60 in intraday trade on Monday, following a strong rally on the bourses due to positive global cues and fresh buying in frontline counters.

The indices, however, pared a large part of gains due to late profit-booking by investors in the light of expiry of May contract in derivatives this Thursday. Bank shares witnessed huge buying interest as operators covered short positions, created by heavy selling last weekend on speculation on another CRR hike.

Meanwhile, after a strong start at 14527.47, the Sensex fell back and ended at 14397.89, a rise of 59.44 points over Friday's close of 13338.45. The market sentiment was largely buoyed by a firm global trend and reduced inflation pressure but the approaching end of May series compelled operators to square-up positions in the Futures and Options segment. The activity was also confined to frontline stocks with investors' focus on auto, capital goods and cement sectors as well as small-cap and mid-cap segments. The Nikkei, Hang Seng, Singapore Straits Times, Kospi and Shanghai Composite registered marked gains.

The trading volume fell sharply to Rs. 4,241.06 crore from Rs 5,044.67 crore recorded on Friday. The broad-based BSE-100 index firmed up by 36.58 points to 7410.28 from the previous close of 7373.70. The BSE-200 index and the Dollex-200 were quoted up at 1,754.16 and 720.75 at close compared to last weekend's close of 1,744.59 and 715.76, respectively. — PTI

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