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The Bombay Stock Exchange building is seen in Mumbai in this May 22, 2006 file...
Fri, May 16 05:07 PM
By Hiral Vora
MUMBAI (Reuters) - Indian shares rose 0.47 percent on Friday to their highest close in nearly two weeks, led by banks and second-ranked mobile firm Reliance Communications and showing little discomfort at inflation nearing 8 percent.
Reliance Communications rose 2.2 percent to a three-month closing high of 601.85 rupees, taking its gains to over 10 percent in three days. Sources said it had approval for an initial public offer of 10 percent in its telecoms tower unit.
Top engineering and construction firm Larsen & Toubro rose 1.1 percent to 2,996.35 rupees, its highest close since May 7. It has risen 5.9 percent since the sale of its ready-mix cement business to France's Lafarge was announced on Wednesday evening.
The 30-share BSE index rose 81.40 points to 17,434.94, its highest close since May 5. The index rose 4.2 percent on the week, but is still down 14.1 percent this year.
The market is closed on Monday for a local holiday.
In the broader market, 1,547 gainers led 1,138 losers on volume of 341 million shares.
"This is a purely trading market and not for investment, and thanks to lack of immediate triggers it does not even have a direction right now," said Daljeet Kohli, head of research at Emkay Shares and Stock Brokers Ltd.
"Most of the negative news on the economy front has been factored in, so inflation does not surprise anybody any more," he said, adding he saw the market trading sideways for the next week with some stock-specific action.
India's annual inflation rate hit a 3-½ year high of 7.83 percent on May 3, data showed.
Improved global sentiment towards bank stocks helped top private bank ICICI Bank gain 1.3 percent to 941.15 rupees, and HDFC Bank rose 1.8 percent to 1,502.30 rupees.
Sector leader State Bank of India rose 1.4 percent to 1,704 rupees. The sector index rose 1.5 percent.
The 50-share NSE index closed 0.83 percent higher at 5,157.70 points, its highest close since May 5.
Elsewhere in the region, Karachi's 100-share index fell 1.71 percent to 14,232.89 points, while Colombo's All-Share index fell 0.51 percent to 2,595.64 points, its lowest close since March 31.
STOCKS THAT MOVED
* State-run Punjab National Bank rose 6.1 percent to 569.75 rupees after its chairman said the bank was aiming at 22 percent growth in net profit during 2008/09.
* Bongaigaon Refinery & Petrochemicals Ltd rose 8.9 percent to 61.65 rupees after its March quarter net profit rose 68 percent.
MAIN TOP 3 BY VOLUME
* Aishwarya Telecom Ltd on 29.3 million shares.
* IFCI Ltd on 14.3 million shares.
* Ispat Industries Ltd on 11.6 million shares.
If you are young, have a hectic social life where you drink and party, and have applied for a job, chances are you will lose out to someone who is a teetotaler.
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