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Indian shares close higher on first trading day of 2008

Tuesday, January 1, 2008

MUMBAI (Thomson Financial) - Indian shares edged higher Tuesday amid range-bound trade on continued retail participation in small and midcaps with the institutional investors continuing to remain on the sidelines.

The Bombay Stock Exchange's 30-share Sensex rose 13.72 points, or 0.07 pct, to 20,300.71 while the National Stock Exchange's 50-share S&P CNX Nifty gained 0.09 pct to 6,144.35 points.

A technical analyst at a brokerage firm said, "Support for Nifty can be found at 6,077 points and long term at 5,909 while the Sensex is likely to face resistance at 20,498 points."

"India's growth story would provide substantial opportunity for investors in 2008, but some stock valuations are very challenging now. Markets will be positive this month and next month but concerns over liquidity and politics should bring in a healthy correction later. Investors would get good P/E stocks in pharma, commercial vehicles, technology, food & beverages segments," said an investment manager.

Reliance Energy Ltd was the biggest gainer among the BSE-30 blue-chips rising 6.76 pct to 2,279.00 rupees while Tata Consultancy Services Ltd, the country's biggest software exporter, fell 2.74 pct to 1,053.65 rupees.

Reliance Energy rose 6.70 pct on the NSE to 2,278.55 rupees while Cairn India Ltd fell 3.58 pct to 248.05 rupees.

Posted by MOHAMED SAID at 8:23 AM  

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