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Optimism lifts India's market
MUMBAI, India (Reuters) -- Surging overseas inflows have propelled Indian shares higher for a fifth straight day amid optimism an economic rebound would boost corporate earnings this year. The 30-share BSE index closed Tuesday up 0.33 percent at 4,339.20 points, its best close since February 20, 2001. It has risen by more than 48 percent from a six-month low in late April. "There are no fears of an immediate fall," said Aniket Inamdar, a portfolio manager with Cholamandalam Asset Management. "Inflows are very strong." Overseas portfolio investors bought shares for $64.2 million on Monday, latest data showed. That followed purchases of $1.51 billion in the last three months. Rising corporate profits, good monsoons and a pick up in imports have strengthened expectations that growth in Asia's third-largest economy will exceed six percent in the year to March 2004, against 4.3 percent in the previous year. Volume on Mumbai's BSE exchange rose to 205 million shares compared with Monday's 196 million. Reliance Industries Ltd, India's largest petrochemical firm, gained 1.3 percent to 417.50 rupees after it raised prices of polymers and fibre intermediates late on Monday by 2.4 to 10.4 percent. Indian Petrochemicals Corp Ltd, the nation's No 2 petrochemicals maker, jumped some 10 percent to 171.15 rupees. Traders added exposure to laggard technology stocks, expecting the sector to benefit from foreign fund investments. Infosys Technologies Ltd, the No 2 software services exporter, gained 0.3 percent to 3,880.50 rupees. But steel stocks dropped as sentiment for the sector was spooked after a much anticipated price hike in steel failed to come about. Industry leader state-run Steel Authority of India Ltd dropped 2.7 percent to 39.25 rupees. Copyright 2003 Reuters. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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