Sensex closes at a record high

Sensex closes at a record high
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First Published: Mon, Jul 02 2007. 04 53 PM IST
Updated: Mon, Jul 02 2007. 04 53 PM IST
By AFP
Mumbai: Stock market benchmark Sensex surged to a new intra-day peak of 14,745.97 and settled at a record high of 14,664.26 points on hectic buying by funds in blue-chips led by cement and capital goods stocks.
Dealers said buying sentiment improved on the waning of global and local rate concerns, after the US Federal Reserve kept key rates unchanged last week. Inflation also fell to a 14-month low of 4.03%, according to data released last Friday, lowering pressure for a further interest rate hike.
However, the fifty-share Nifty of the National Stock Exchange ended the day marginally in the red, slipping 0.1% or 4 points to end at 4,313 levels.
Trading activity remained bullish particularly in cement and capital goods on expectations of some change in product prices which might improve earnings.
However, software stocks fell as the rupee gained against the dollar to 40.66 from 40.75. Software firms in India bill many of their clients in dollars and a weaker dollar hit earnings.
The metal shares too lost some shine, with the BSE metal index losing 44 points (0.4 %).
Of the Sensex shares, the biggest gainer was Maruti Udyog. It gained 3.8% or Rs28. Reliance Communication, Tata Motors, Cipla and Dr Reddys were other major gainers of the day.
TCS, Wipro, Hindalco and Reliance Industries were the major losers.
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First Published: Mon, Jul 02 2007. 04 53 PM IST
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