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Sensex climbs 26 points on fast growth of economy

Sensex climbs 26 points on fast growth of economy
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First Published: Fri, Jun 01 2007. 05 45 PM IST
Updated: Fri, Jun 01 2007. 05 45 PM IST
Mumbai: Indian share prices rose 0.18% on Friday in choppy trade a day after India’s economy grew a faster than expected 9.4% in the year to March, dealers said.
They said fertiliser stocks rose as the annual monsoon rains, crucial for the country’s farmers, advanced north.
The 30-share Sensex rose 26.29 points to 14,570.75, slipping from the day’s high of 14,682.10. Gainers led losers 1,372 to 1,186 on volume of Rs 46.69 billion ($1.15 billion).
The rupee rose to a near-decade high of 40.54 against the dollar from 40.73 and it gained against the euro to 54.5 from 54.7.
Sentiment improved as India’s wholesale price inflation eased to a 10-month low of 5.06%, led by lower prices for food staples such as cooking oil.
“The markets ruled firm but fell off towards the close as investors squared off positions. We expect the markets to it fresh highs next week,” said Advait Date, a dealer with brokerage BHH Securities.
Shares of low-budget airline Deccan Aviation fell Rs 1.05 or 0.72 % to Rs 145.15 while United Breweries Holdings, the parent of Vijay Mallya’s liquor and Kingfisher Airlines business, gained Rs 8 or 1.17% to Rs 691.80, a day after Kingfisher Airlines said it picked up a 26% stake in Deccan.
State-run Gujarat State Fertiliser Corp rose Rs 7.4 or 4.25 % to Rs 181.7 while Deepak Fertiliser rose Rs 5.9 or 6.79% to Rs 92.8.
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First Published: Fri, Jun 01 2007. 05 45 PM IST
More Topics: Money Matters | Equities |