Indian shares rise
May 23, 2009
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Indian shares rose 1.1 percent Friday on firm European markets and hopes for more economic reforms as Prime Minister Manmohan Singh was set to be sworn in for a second term, dealers said.
The benchmark 30-share Sensex closed 150.61 points higher at 13,887.15.
Share prices surged by a record 17 percent on Monday, hitting their upper trading limit as investors cheered the Congress-led alliance's strong re-election win that analysts saw as paving the way for more privatisation and other reforms.Investors also "see fresh opportunities in mid- and small-cap stocks, which had collapsed in the bear market," said Hitesh Agrawal, head of research at Angel Broking.
Gainers led losers 2,139 to 595 on turnover of 70.86 billion rupees (1.44 billion dollars).
State Bank of India rose 17.4 rupees or 1.01 percent to 1,731.7.
Engineering giant Larsen and Toubro rose 56.8 rupees or 4.73 percent to 1,301.4 on more spending on infrastructure.
Reliance Industries rose 66.3 rupees or 3.13 percent to 2,183.1.
Copyright Agence France-Presse, 2009
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