Sensex touches 15,341.38 in early trade

Sensex rises to an all-time high, its ninth in 11 sessions, but meets with resistance as investors begin locking in profits.
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Updated on Jul 16, 2007 11:23 AM IST
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Reuters | By, Mumbai

Sensex rose to an all-time high on Monday, its ninth in 11 sessions, but met with resistance as investors began locking in profits.

At 10:41 am, the benchmark 30-share Bombay Stock Exchange was up 0.07 per cent, or 10.07 points, at 15,282.79, after hitting a record 15,341.38 in early deals. Its previous peak was 15,330.73 on Friday.

"Some consolidation would happen after the strong gains of the last few sessions," said Sandeep Neema, fund manager at JM Mutual Fund. "Overall, the positive trend is not likely to reverse very significantly in the near term."

The benchmark index has strong support at around 14,650 and resistance at 15,330, brokerage FinQuest said in a research report.

Cement companies such as ACC Ltd., 41 per cent owned by Swiss firm Holcim, rose 1.6 per cent to 1,113.80 rupees and Ambuja Cements was up 1.05 per cent at 130.25 rupees on hopes of strong quarterly earning growth, traders said.

Shares in Bajaj Auto Ltd. rose 1.6 per cent to 2,210 rupees.

Tata Consultancy Services, which reports earnings after market hours, fell nearly 1 per cent to 1,126 rupees. India's top software exporter is expected to post a 25 per cent rise in quarterly profit, a Reuters poll showed.

The 50-issue NSE index was up 0.13 per cent at 4,510.20 points, after having hit a lifetime high of 4,521.85 in early deals. Its previous peak was 4,513.90 on Friday.

In the broader market, gainers outpaced losers 1,329 to 824 on volume of nearly 71 million shares.

Data showed foreign funds were net buyers of $171.6 million worth of Indian shares on Thursday, taking their total investment to $7.8 billion in 2007.

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