Sensex crosses past 11,000 mark
The 30-share BSE index was up 0.76 per cent at 11,006.32 points.india Updated: Aug 04, 2006 15:54 IST
Sensex rose more than 1 per cent on Friday as gains in Reliance Industries and software bellwether Infosys helped break through a key resistance at 11,000 points.
But shares in PSU banks fell after Finance Ministry asked some of state banks to seek board approval before revising interest rates, a move analysts said was aimed at reining in rising rates.
By 11:30 am (0600 GMT), the 30-share BSE index was up 0.76 per cent at 11,006.32 points. Gainers beat losers 1,137-862 on volume of 42 million shares.
"It will continue to trade with an upward bias after breaking this 11,000 mark," said Jigar Shah, head of research at KR Choksey. "There is not much for a downside."
Another dealer said investors were buying into mid and small cap companies after mostly good quarterly results.
Reliance Industries Ltd rose 1 per cent to Rs 997.40, while Infosys Technologies Ltd climbed 1.2 per cent to Rs 1,690.50.
Oil and Natural Gas Corp gained about 1 per cent to Rs 1,195.80 as oil prices hovered above $75 a barrel.
State Bank of India Ltd., India's largest lender, fell nearly 1 per cent to 822 rupees and Punjab National Bank was down 1.4 per cent at Rs 379.20.