The Hindu : Business : Sensex gains 73 points, mid-cap shares active

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Friday, Jun 29, 2007
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Sensex gains 73 points, mid-cap shares active

MUMBAI: The stock market moved higher on Thursday after a volatile trading session with its benchmark index ending 73.51 points up on strong gains in the blue chips from cement and capital goods sectors.

The Bombay Stock Exchange’s 30-share barometer index, Sensex settled at 14504.57, as against its previous close of 14431.06.

Buying activity was also seen in mid-cap shares, taking the BSE mid-cap index to an all-time closing high of 6458 and new intra-day peak of 6487.01.

The 50-share Nifty index of the National Stock Exchange also advanced by 18.05 points to close at 4282 from its previous close of 4263.95.

The Sensex had gained more than 100 points in intra-day trade to hit the session’s high at 14537.04 points, but it pared its gains on selling pressure at higher levels.

Cement shares witnessed a strong rally, powered by a statement from the Finance Minister P. Chidambaram that the Government was not seeking to interfere in prices of the raw material.

Bluechip cement stocks such as Grasim, ACC and GACL were in demand throughout the day and registered huge gains.

The domestic bourses also mirrored firm trends in Asian markets. Barring Shanghai Composite index in China, which dipped by four per cent, other Asian indices ended with smart gains. The Hang Seng was up 1.07 per cent in Hong Kong, Japan’s Nikkei rose by 0.46 per cent, Singapore’s Straits Times advanced by 0.93 per cent and South Korea’s Kospi gained 1.08 per cent. Foreign institutional investors were seen covering short positions in derivatives while domestic mutual funds remained buyers, brokers said. — PTI

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