The Hindu : Business : Year 2007 ends on optimistic note

Online edition of India's National Newspaper
Tuesday, Jan 01, 2008
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Business

Year 2007 ends on optimistic note

MUMBAI: The year 2007 ended on an optimistic note on Monday with the Bombay Stock Exchange benchmark Sensex closing 80 points higher on good buying support from investors following a firm trend in other Asian markets.

The BSE barometer touched an intra-day high of 20484.28 at the outset but later trimmed gains as retail investors booked profits during afternoon trade.

The Sensex ended the day at 20286.99, a gain of 80.04 points against the Friday’s close of 20206.95.

Small-cap and mid-cap shares continued to attract heavy buying interest for the fifth consecutive day.

Both the indices ended the year at the all-time closing peaks.

Foreign institutional investors (FIIs) were believed to be heavy buyers in front line counters in a bid to push the net asset value of their portfolio at the end of their financial year.

The S&P CNX Nifty of the National Stock Exchange also advanced by 58.90 points to 6138.60 from 6079.70.

FIIs were heavy buyers in key shares at the concluding trading session of the year, while domestic investors continued to build up positions in key counters, market players said.

Refinery shares were in the forefront and closed with smart gains on expectations of petrol price hike in the near future.

State-run refining and marketing companies HPCL, Indian Oil and Bharat Petroleum registered hefty gains.

Information Technology stocks, however, suffered a moderate setback due to fresh selling pressure. — PTI

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