The Hindu : Business : Bank, auto shares to the fore

Online edition of India's National Newspaper
Friday, Sep 14, 2007
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Business

Bank, auto shares to the fore

MUMBAI: The Bombay Stock Exchange benchmark Sensex ended 109 points higher on Thursday over the previous close, cutting short a two-day losing streak on sustained foreign institutional investor (FII) inflows and likely rate cut by the Federal Reserve next week.

SBI gained 3.18 per cent on reports that the country’s largest bank plans a follow-on share sale by the year-end to raise Rs. 10,000 crore.

Another heavyweight, Reliance Industries, hit yet another trading peak of Rs. 2,034.40 following the Government’s approval of its price formula for natural gas from the Krishna-Godavari (KG) basin. Bank, realty and auto shares were prominent gainers on fresh buying support from institutional investors. Foreign institutional investors have been net buyers to the tune of Rs. 3,155 crore so far in the month.

Meanwhile, Asian markets ended mixed. Shanghai Composite, Hang Seng and Nikkei closed with handsome gains while Taiwan and Singapore Straits Times finished in the red. Realty shares such as Akruti Nirman, DLF, Mahindra Gesco, Omaxe and Unitech registered sharp gains, while HDFC Bank, Kotak Bank, Axis Bank, BoB and PNB also captured substantial ground in the green. — PTI

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