News: Sensex, Nifty hit new peaks amid concerns

(PTI 20/01/2007) Mumbai - Robust corporate Q3 earnings boosted the stock markets, which scaled new peaks in the week under review amid consolidation above the 14K level and concerns over high inflation.

The markets also witnessed stock specific action on the back of better-than-expected third quarter financial results announced by some major corporates.

Capital goods, small-cap, mid-cap, refinery and banking sectors hogged the limelight on good buying support, while front-line IT, metal and auto counters came under pressure.

In high volatility during the week, the Bombay Stock Exchange (BSE) 30-share index, Sensex, touched a new trading high of 14,325.92 but later pared the gains and ended the week at 14,182.71, a rise of 126.18 points or 0.90 per cent over last weekend's close of 14,056.53.

The Sensex has gained 710.97 points or 5.28 per cent in the last successive four weeks.

The broader S&P CNX Nifty of the National Stock Exchange (NSE) too set an all-time trading high of 4,140.25 before finishing the week at 4,090.15 from last weekend's close of 4,052.45, netting a gain of 37.70 points or 0.93 per cent.

Petro-chem giant and trend setter RIL was the key attraction among investors on speculation about share split followed by the company's announcement of impressive Q3 performance with a 57 per cent growth in net profit.

Easing crude oil prices, which fell below USD 50 a barrel during trading some time mid-week continued to provide underlying support to the refinery sector.