Financial Daily from THE HINDU group of publications
Tuesday, May 09, 2006
Financial Daily from THE HINDU group of publications Tuesday, May 09, 2006 |
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Stock Markets Markets - Stock Markets Our Bureau
Mumbai , May 8 The stock market ended the day on a bullish note with stocks from the petrochem, steel, telecom, cement, real estate sector registering strong gains. The BSE Sensex registered an all-time high at 12,511.07 intra-day but ended at 12,462.47, up 102.77 points. Week on week the Sensex has gained 420 points. The NSE Nifty closed at 3696.20, up 32.25 points today. Market participants attributed the euphoria in the market to Friday's strong closing of the US markets. "Liquidity (both domestic and foreign) is driving the market. Added to this, the Asian markets also opened on a firm note today,'' said a broker with a domestic broking house. Mr Nischal Maheswari, Vice-President, Edelweiss Securities, said the market rode piggyback on the bullish Reliance counter.
Reliance at record high
"The increasing oil prices aided the firm trend at the counters of ONGC and Reliance. In the near term it is unlikely that the uptrend will taper off," he added. Reliance closed at a record high of Rs 1,155.65, while ONGC ended the day at Rs 1,378.85 on the BSE. Market players also maintain that there is a lot of expectation with regard to Reliance Petroleum listing.
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