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Sensex climbs new closing peak
Published on Fri, Oct 13, 2006 at 10:20, Updated on Fri, Oct 13, 2006 at 16:24 in 
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Mumbai: The Bombay Stock Exchange benchmark Sensex closed at an all-time high of 12,736.42 points on Friday on aggressive buying by funds on expectations of strong quarterly corporate earnings and sustained economic growth.
The market, which commenced the day by breaking the previous record of 12,671 points of May 11, continued its upward march to reach an all-time intra-day high of 12,756.23 points before winding up at 12,736.42, up 198.44 points from the previous close.
Similarly, the second wide-based National Stock Exchange index Nifty rose by 55 points at 3,676.05, still below its all-time-high of 3774.15.
Trading sentiment was fuelled by firming global trend, after most of the Asian stock markets such as Singapore, Hong Kong and the US stock markets rose to record highs, influenced by declining crude oil prices.
Marketmen said beginning of the earnings season led by Infosys Tech, which posted a 52 per cent jump in second quarter net profits, raised hopes of a similar show by other IT shares.
Others who are expected to announce results next week are Tata Consultancy, Wipro, Satyam Computers and others.
Finance Minister P Chidambaram attributed the strong rally in the stock market to better corporate earnings and declining global oil prices.
It could also be a belated reaction to Infosys' results and expectations of higher earnings from other corporates, he said.
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