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Key Indian equity index seen testing all-time high (WEEKLY REVIEW)

Mumbai, Sep 30 (IANS) Indian equities ended higher for the 10th consecutive week Friday and analysts expect a key index to test its all-time high in the ensuing sessions on expectations of a robust second quarter results from companies.

Saturday, September 30, 2006 | 5:35:15 PM IST (+05:30 GMT)
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Mumbai, Sep 30 (IANS) Indian equities ended higher for the 10th consecutive week Friday and analysts expect a key index to test its all-time high in the ensuing sessions on expectations of a robust second quarter results from companies.

The country's gross domestic product (GDP) growth for the first quarter of this fiscal - placed at 8.9 percent by the Central Statistical Organisation (CSO) in a report Friday - will also boost sentiments, experts said.

'The economic performance has, indeed, been robust and so are the expectations from companies in terms of earnings. All these are expected to lend support to investor sentiments,' an analyst with a leading brokerage here said.

'Yet some concerns remain - a correction is expected anytime, since the markets have moved upward for 10 straight weeks. Also, any further rise in global crude oil prices can dampen the bullish mood in the bourses,' he added.

During the week under review, the sensitive index (Sensex) of the Bombay stock Exchange (BSE) closed Friday at 12,454.42 points, which was 217.64 points, or 1.78 percent higher than the previous week's close at 12,236.78 points.

Trading, however, began on a weak note as the barometer index shed 62.87 points or 0.51 percent at 12,173.91, but bounced back Tuesday with a gain of 147.28 points or 1.21 percent.

Wednesday also saw the index end higher by 45.72 points or 0.37 percent, followed by another marginal gain of 13.83 points or 0.11 percent Thursday.

The Sensex ended Friday well above the crucial 12,400-point mark at 12,454.42 points, to register a gain of 73.68 points or 0.60 percent over the previous day's close of 12,380.74 points.

Data available with the markets regulator showed that foreign funds continued to be net buyers in the Indian equity markets with purchases worth $256.4 million during the week and $1.16 billion in September.

The Sensex, seen as the barometer of the Indian stock markets, registered an all-time high of 12,671 on May 11, 2006.

Copyright : Indo-Asian News Service
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