Sensex crosses 12,500

Dalal Street rose nearly half a per cent on Tuesday to a new closing peak, with top oil and gas explorer Oil and Natural Gas Corp climbing to a record on expectations of firm oil prices boosting its profits.

Dalal Street rose nearly half a per cent on Tuesday to a new closing peak, with top oil and gas explorer Oil and Natural Gas Corp climbing to a record on expectations of firm oil prices boosting its profits. In volatile trading, the Bombay Stock Exchange Sensex today moved erratically and for first time closed above the 12,500 mark at a new high of 12,513.86, revealing a smart gain of 51.39 points.

Shares in ONGC ended 4.4 per cent higher at a record Rs 1,439.85 and analysts said the stock could rise to Rs 1,550 in the next few sessions. Its market capatilsation crossed the Rs 2 lakh crore mark. This is first time that the market cap of an Indian company has crossed the Rs 2 lakh crore mark to Rs 2,05,313 crore.

‘‘ONGC is totally undervalued. People are talking of crude prices going up to $100 in not so distant future and this company is going to be the major beneficiary,’’ said a dealer. Auto makers Tata Motors Ltd and Maruti Udyog Ltd also advanced as investors bet rising vehicles sales in Asia’s third-largest economy would push up earnings.

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Tata Motors gained 2.3 per cent to Rs 985.35 while Maruti Udyog, 54.2 per cent-owned by Japan’s largest minicar maker Suzuki Motor Corp, rose 2.7 per cent to Rs 964.75.

It was the eighth straight session of gains for the index, which has risen more than 33 per cent in 2006. ‘‘The market is trading on thin ice and anything from now on could puncture the party,’’ said a fund manager. ‘‘The spoiler could come in the form of squeeze in liquidity or rising interest rates’’.

Kamdhenu Ispat Ltd listed on the National Stock

Exchange at Rs 31, a premium of 24 per cent to its initial public offer at Rs 25. Its shares ended at Rs 45.75.

Foreign institutional investors (FIIs) have made purchases of Rs 2,557 crores during the current month till May five. On may five, FIIs made a net purchase of Rs 1108.10 crore which, according to market participants, was a good sign.

Algerian-French artist’s work vandalised at Kochi art gallery over ‘obscenity’ allegations

India1 hr ago

Algerian-French artist Hanan Benammar's linocut prints were vandalised by two artists at an international exhibition in Kochi. The exhibition, curated by Anushka Rajendran and Damian Christinger, was organised by the Kerala Lalithakala Akademi and opened on October 18.

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