Sensex opens all time high at 18,696.62 pts

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Mumbai, Oct 11: The BSE Sensex today opened all time high at 18,696.62 points with a modest gain of around 38 from it last close of 18,658.75 points on sustained heavy speculative demand from FIIs and domestic financial institutional investors.

''Indian shares opened on a positive note and quickly rose to a record high. The index briefly dipped into negative territory, but soon recovered to extend its opening gains. It later once again slipped into the red. IT stocks plunged after Infosys' result announcement. Larsen&Toubro hit record high, brokers said.'' Later, the current, BSE 30-share Sensex recorded till a new high at 18,703.89 points, up by 45.64 points, or 0.24 per cent,. It opened on a positive note and soon rose to hit all-time high of 18,779.68. It touched a historical high at 18,779.68 points and a low of 18,579.51 so far during the intra day trade.

The present level of broader based S&P CNX Nifty index of NSE was up around by 32 points, or 0.59 pc to 5,473.55 from its last close.

It had hit all-time high of 5,480.60 in early trade. Before it resumed low at 5438.90 compared to previous day's close of 5441.45 points.

All the IT stocks were major losers from Sensex pack after Infosys announced its results just before trading hours today. India's No.

2 software services exporter Infosys Technologies was down 4.93 pc to Rs 2,019.90, followed by Satyam Computer Services by 2.43 pc to Rs 472.15, Tata Consultancy Services by 3.28 pc to Rs 1,088 and Wipro by 2.42 pc to Rs 490.95.

Infosys has revised upwards earnings and revenue guidance for FY 2008 (year ending 31 March 2008).

As per US GAAP, the company has forecast between 32.4 pc to 33.1 pc growth in consolidated earning per American depository share to between USD 1.96 to $1.97. The company has forecast a between 34.5 pc to 35 pc growth in revenue as per US GAAP to between USD 4.16 billion to USD 4.17 billion.

Infosys' consolidated net profit as per Indian GAAP rose 1.94 pc to Rs 1100 crore in Q2 September 2007 over Q1 June 2007.

Consolidated revenue rose 8.8 pc to Rs 4106 crore from Rs 3773 crore in Q1 June 2007.

India's largest telecom services provider Bharti Airtel declined 0.46 pc to Rs 1,067. Bharti Airtel added 2.06 million users in September 2007 on their global system for mobile communications (GSM) networks compared to 2.05 million additions in August 2007.

Larsen&Toubro rose by 3.05 pc to Rs 3,475. It hit an all-time high of Rs 3,490.90 today and was the top gainer from Sensex pack.

Mahindra&Mahindra was up by 2.47 pc to Rs 774.90,followed by Maruti Suzuki by 2.27 pc to Rs 1,122, Dr. Reddy's Laboratories by 2.03 pc to Rs 646 and Tata Steel by 1.5 pc to Rs 858.20.

India's largest private company in terms of market capitalization and oil refiner Reliance Industries hiked by 1.06 pc to Rs 2,645.

Reliance Industries and Indian Oil Corporation may jointly explore an oil area in East Timor, reports suggest.

State Bank of India gained by 0.27 pc to Rs 1,929. It has cut interest rates on new loans for homes, automobiles and farm equipment in a festival season offer that runs until the end of 2007. Home loan rates were lowered by 0.50-1.0 pc, while loans for cars and two-wheelers have been reduced by 1 pc.

Asian markets, which opened before the Indian markets, were trading higher today. Hong Kong's Hang Seng was up by 1.16 pc to 28,885.99,similarly, Singapore's Straits Times by 1.58 pc to 3,874.68,Japan's Nikkei by 1.52 pc at 17,439.06, South Korea's Seoul Composite by 0.39 pc to 2,049.17, Taiwan's Taiwan Weighted by 0.50 pc to 9,688.14.

US stocks ended mixed on yesterday. The Dow Jones lost 85.84 points, closing at 14,078.65. Nasdaq Composite rose by 7.7 points, to close at 2,811.61, brokers added.


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