Sunday, September 04, 2005

Sensex surges to all time high of above 7,950

The market opened on a firm note with the Sensex hitting an all time high of
above 7,950 within minutes of commencement of trading. Most blue chips were
steady to firm in early trade. A sharp fall in global crude oil price on
Friday boosted market sentiment. Ranbaxy was in demand on US listing plans.
Strong cement dispatches in August 2005 boosted Gujarat Ambuja Cements
(GACL) whereas robust Q4 results and a liberal dividend of Rs 40 per share
for FY 2005 boosted Procter & Gamble Hygiene & Health Care. Market breadth
was quite strong as gainers outpaced losers by a ratio of over 4:1 in early
trade. Buying was conspicuous in auto-ancillary firms. At 10:27 IST, Sensex
was up 51 points at 7,951. Sensex hit a high of 7,957.90.
Ranbaxy rose 2.1% to Rs 554 after the company said on Saturday its board
will meet on 9 September to discuss listing at a US stock exchange. The
board will also consider conversion of its Global Depositary Receipts (GDRs)
into American Depositary Receipts (ADRs) and raising funds through
appropriate securities, the company told BSE. The company is scouting for
acquisitions overseas. Cipla gained 1.9% to Rs 353 and Dr Reddy’s
Laboratories rose nearly 1% to Rs 788.

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