Sensex (Bombay Stock Exchange) scales new high on 2nd straight day
REUTERS
Posted online: Friday, March 04, 2005 at 1125 hours IST
Updated: Friday, March 04, 2005 at 1635 hours IST
MUMBAI, MARCH 4: The 30-share Bombay Stock Exchange index rose nearly a per cent to a record close for a second day on Friday, as local investors joined foreign funds to step up investments in the rapidly growing economy.
The Sensex provisionally closed at 6,851.56 points, after hitting an all-time high of 6,864.62, surpassing Thursday's peak of 6,794.22.
"There is a lot of liquidity in the market as several new investment schemes have opened and received investments from retail investors," said Sanjay Dongre, fund manager with UTI Mutual Fund.
He estimated price-earning multiples of Sensex stocks at 13-14 times based on earnings for the year to March 2006.
Foreign funds have been aggressive buyers of Indian shares through last month, with net purchases so far this year at $2.35 billion, compared with $8.5 billion for the whole of 2004. |
