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Indian equities end higher amid volatility (WEEKLY REVIEW)

Mumbai, Oct 28 (IANS) Indian shares closed higher during the trading week ended Friday but not without bouts of sharp volatility and experts predicted a similar fluctuation in the ensuing sessions as key indices are testing historic highs.

Saturday, October 28, 2006 | 2:59:45 PM IST (+05:30 GMT)
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Mumbai, Oct 28 (IANS) Indian shares closed higher during the trading week ended Friday but not without bouts of sharp volatility and experts predicted a similar fluctuation in the ensuing sessions as key indices are testing historic highs.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), a barometer for the performance of Indian equities, closed Friday at 12,906.81 points - within striking distance of the magical mark of 13,000 points.

This translated into a gain of 169.99 points or 1.33 percent, over the previous week. The markets were lifted by some robust results by companies like Bharti Televentures, which said net profits for second quarter were up 79 percent.

'Looking ahead, the pulls and pushes are expected to be evenly matched,' said an analyst with a brokerage here. 'There are still some stocks that are below their all-time highs. But the Sensex being close to the 13,000-point mark will keep a check on any major spurt.'

In the short trading week - when the markets were closed Tuesday and Wednesday for Eid-ul-Fitr - some sector-specific indices outdid the Sensex. Banking Index was up 3.39 percent, followed by 1.86 for state-run firms and 1.95 percent for tech stocks.

At the same time, the performance of auto index - with a gain of 1.15 percent - was lower than the rise in the Sensex. Similarly was the case with the index for metal stocks (0.95 percent) and energy (1.23 percent).

The index for fast-moving consumer goods, on the other hand, registered a fall of 0.78 percent.

Trading started on a weak note Monday - after the special session Saturday on the occasion of Diwali, which also marks the new year for the trading community - with the Sensex losing 113.54 points or 0.89 percent at 12,623.28.

But Thursday saw a recovery amid wide fluctuations and the key index managed to add 75.13 points or 0.6 percent at 12,698.41 points. Friday again saw the index gain 208.40 points or 1.64 percent.

Copyright : Indo-Asian News Service
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