Reuters India
Indian shares hit new record Wed Nov 15, 2006 5:10 PM IST
MUMBAI (Reuters) - Indian shares rose to a record on Wednesday, their fourth in as many days, led by banks and software firms on an upbeat economic outlook from the central bank, while Colombo also hit a new peak.
Top lender State Bank of India Ltd. gained 4.6 percent and number two ICICI Bank Ltd. added nearly 3 percent after shares in both firms hit lifetime highs.
The central bank said in a report released on Tuesday after the market closed that the macroeconomic environment remained favourable and cheaper oil eased inflation pressures.
Software bellwether Infosys Technologies Ltd. ended up 0.6 percent after hitting a new record of 2,240 rupees.
The 30-share BSE index closed 0.33 percent higher at 13,469.37 points, a record close, after it scaled a new intraday high of 13,506.08.
But in the broader market losers edged gainers 1,497 to 1,032 in trade of 235 million shares.
The 50-issue NSE index gained 0.27 percent to 3,876.30 points, also a record close, off a new peak of 3,888.80.
"There is enough liquidity in the market to keep up the momentum," said Ketan Shah at Prabhudas Lilladher.
"But we are seeing investors turn a bit more more cautious at these levels, and picking specific stocks and more mid-caps."
Foreign funds have moved more than $7.4 billion into Indian equities this year, helping the index gain almost 15 percent since the start of September and nearly 43 percent since the start of January, making it the best-performing index in Asia-Pacific.
Elsewhere in the region, the Colombo All-Share index gained 1.84 percent to 2,667.46 points, its second closing high in as many sessions.
The Karachi 100 index eased 0.51 percent to 10,813.93.
STOCKS THAT MOVED
* Airlines Jet Airways Ltd., SpiceJet Ltd. and Deccan Aviation Ltd. rose 3-10 percent after a newspaper reported domestic fares were likely to rise 3-5 percent.
* K.S. Oils Ltd. rose 5 percent, its maximum daily limit, to 216.90 after the company's board approved selling 3.29 million shares at 180 rupees each to various investors.
* Texmaco Ltd. rose 4.8 percent to 834 rupees, after it secured an order worth 1.25 billion rupees from state- run logistics firm Container Corp. of India Ltd.
TOP THREE BY VOLUME
* GV Films Ltd. on 10.6 million shares
* Hanung Toys and Textiles Ltd. on 6 million shares
* Silverline Technologies Ltd. on 3.9 million shares.
-- What a country! Part Silicon Valley, Part Stone Age. - Steve Hamm on India in his book 'Bangalore Tiger'