11 am: Sensex rises 92 points
Propping up the barometer index are firmer Asian markets and rising foreign fund inflows into Indian stocks.india Updated: Sep 18, 2006 12:01 IST
Indian shares rose nearly 1 per cent on Monday, extending their rally into a fifth day after the main index broke through a key resistance at the previous close.
Traders said firmer Asian shares and rising foreign fund inflows also underpinned the market.
By 11 am (0530 GMT), the top-30 BSE index was up 0.77 per cent or 92 points at 12,101.62 points, after closing above 12,000 on Friday for the first time since May 17.
Gainers beat losers two to one on moderate volume of more than 51.3 million shares.
"Money is coming back to emerging markets," said Sejal Doshi, chief executive officer at Finquest Securities. "The comfort level is there for foreign funds as the India growth story continues."
Foreign funds bought shares worth more than $225 million in two days last week, taking the total in 2006 to nearly $4.3 billion, latest data showed.
The BSE index has risen more than 28 per cent since the start of January on expectations of robust profit growth.
State-run explorer Oil and Natural Gas Corp gained 0.52 per cent to Rs 1,168.95 as crude prices traded above $63 a barrel, after falling nearly 20 per cent over past three weeks.
The 50-issue NSE index was up 0.6 per cent at 3,499.30.
Asian stocks were higher, with Seoul's KOSPI up 1.08 per cent while Hong Kong gained 0.92 per cent and Sydney was trading 0.46 per cent higher. Japanese financial markets were closed for a public holiday.
Stocks on the move
* Wind turbine maker Suzlon Energy Ltd rose 4.3 per cent to Rs 1,213 after its unit won a $258 million order from a Danish firm.
* Shringar Cinemas Ltd gained 4.92 per cent to Rs 50.15 after a top company official told Reuters of plans to add 7 to 9 multiplexes each year, taking screens to 227 across 50 sites by March 2011.
* Avaya GlobalConnect Ltd rose 3.3 per cent to Rs 261 after its Australian unit agreed to buy the assets, manpower and business contracts of the converged solutions division of Australia's Sirius Telecommunications Ltd.
Top 3 scrips by volume
* SpiceJet Ltd rose 4.5 per cent on 2.15 million shares.
* Escorts Ltd was up 3.6 per cent on 1.6 million shares.
* GV Films Ltd gained nearly 5 per cent as 1.6 million shares changed hands.