Sensex strikes all-time high on firm Asian markets

Mumbai, July 3: The Bombay Stock Exchange (BSE) Sensex today after opening at 14,720.00 and surged to strike a record high of 14,816.36 at 10.15 hours as strong buying momentum was seen for stocks from the small-and mid-cap pack.

The market opened on a strong note, tracking firm global equities.

This is the fourth straight day of gains for the market. The sentiment has been lifted by data, on Friday 29 June 2007, showing fall in inflation to a 14-month low.

At 11.45 the BSE 30-share Sensex was up 107.30 points to 14,771.56 from the previous close of 14664.26.

The market breadth was strong on BSE with over 3 gainers for every loser: 1,254 shares advanced as compared to 413 shares that declined, while 37 remained unchanged.

Among the Sensex pack, 28 advanced while only two of them declined.

The broader National Stock Exchange (NSE) Nifty Index also gained 38 points to reach 4,351.51 after opening marginally higher at 4,315.05 from it's previous close of 4,313.75.

Private sector banking major HDFC Bank advanced 1.99 per cent to Rs 1,169.90, on 10,147 shares. It was the top gainer from the Sensex pack. Other banking shares, State Bank of India (SBI) (up 1.06 per cent to Rs 1547) and ICICI Bank (up 0.37per cent to Rs 954) also edged higher.

Index heavyweight Reliance Industries was up 0.75% to Rs 1,697, on 62,657 shares.

Car major Maruti Udyog advanced for the second straight day on strong monthly numbers. The stock rose 1.28 per cent to Rs 781.25.

Maruti said during trading hours on Monday, 2 July 2007, it had sold 59,917 vehicles in June 2007, up 24 per cent from 48,425 vehicles sold in June 2006. Maruti Udyog sold 56,000 units in the domestic market, up 25.5 per cent from 44,626 units in June 2006.

HDFC (down 0.52 per cent to Rs 2,020.10) and Hero Honda Motors (down 0.12 per cent to Rs 690) slipped on profit booking.

Valecha Engineering jumped 8.80 per cent to Rs 274.40 on its announcement that it will consider issue of bonus shares. The company's current equity is Rs 7.95 crore, with each share of a face value of Rs 10. The book value is Rs 203.80 per share.

Asian shares forged ahead on Tuesday, 3 July 2007, led higher by energy companies as oil and base metals rose, but the dollar sagged on expectations that US rates will remain steady while borrowing costs rise elsewhere. Nikkei 225 (up 0.12%), Hang Seng (up 0.94per cent), Seoul Composite (up 1.52%), Taiwan Weighted (up 0.76%) and Straits Times (up 0.29 per cent) edged higher.

US stocks rallied on Monday, 2 July 2007, on a fresh bout of takeover activity as Canada's largest telephone company, BCE Inc.

agreed to a US.6 billion buyout. On Wall Street, blue-chip stocks and the Nasdaq Composite Index both rose about 1 per cent.

UNI

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