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India's key share index recorded its highest close in a month on optimism that strong growth would spur corporate profits, while the rupee inched up in anticipation of gains on Wednesday, when the central bank will be on holiday.
The 30-share Mumbai index rose 0.39 percent to 6,035.80 points, its highest finish since January 19. Having struck historic highs early last month, the benchmark is now up about eight percent from its 2004 low on January 22.
A total of 131 million shares changed hands, although losers outpaced gainers 999 to 760, reflecting caution ahead of upcoming general elections and public issues from state-run oil firms.
Tata Iron and Steel Co, the nation's No 2 steel maker, rose 2.2 percent to 453.60 rupees. State-run National Aluminium Ltd, the nation's No 2 aluminium maker, rose 1.4 percent to 183.80 rupees, while aluminium leader Hindalco Industries Ltd rose 0.2 percent to 1,349.95 rupees.
"Investors are betting on aluminium price hikes to come through while strong Chinese demand is seen benefiting the steel sector," said Rajashekhar Hiremath, an equity dealer with Fortis Securities Pvt Ltd.
The Economic Times daily, quoting industry sources, said Hindalco was likely to raise prices by about 2,000 rupees per tonne. A company official told Reuters they were watching global prices and a decision was expected in a few days.
But offsetting the share price rises was consumer goods giant Hindustan Lever Ltd, which has an 8.2 percent weight-age in the Bombay index. It shed 3.3 percent to 192.25 rupees after reporting only a marginal rise in quarterly earnings.

Copyright Reuters, 2004

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