Sensex at record close, Ranbaxy gains
Sensex rose 176.22 pts to 12,218.78, beating the previous record of 12,042.56.india Updated: May 02, 2006 17:17 IST
Indian share prices hit a record close on Tuesday as investors focused on a higher earnings forecast for a leading generic drug maker, dealers said.
They expect a windfall for Ranbaxy Laboratories Ltd, after a recent US court verdict granted the company six months without competition to sell copies of the widely-used Zocor anti-cholesterol drug.
The benchmark 30-share Sensex index rose 176.22 points to 12,218.78, beating the previous record of 12,042.56 set in special trading Saturday.
"Analysts expect Ranbaxy to gain strongly from the court verdict. Buying momentum spread to other index stocks later," said Soumeel Chakravarthy of brokerage KJMC Capital Market Services.
Gainers led losers 1,632 to 890 on turnover of Rs 49.16 billion ($1.09 billion).
The rupee was flat against the dollar at 44.9 and against the euro at 56.4.
Ranbaxy gained Rs 49.4 or 10.46 per cent to 522 while rival drug maker Dr Reddy's Laboratories Ltd rose Rs 250.1 or 17.4 per cent to 1,681.9.
India's largest bank, state-run State Bank of India, rose Rs 23.2 or 2.56 per cent to 937 on fresh fund buying.