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Indian share prices closed up 1.51 percent at new record high on Monday and powered closer to the key 13,000 level amid hopes of robust second-quarter earnings, dealers said. They said strong fund buying was propelling share prices higher.
The 30-share Sensex index closed up 191.76 points at 12,928.18, above its previous record of 12,736.42 hit last Friday. The market in afternoon trade had struck an intraday record of 12,953.76, beating the previous all-time peak of 12,756.23 on Friday.
The record closing finish came on the back of a strong start to the second-quarter earnings season last week when IT services giant Infosys beat forecasts with a 52-percent jump in second-quarter net profit. Dealers added that weaker oil prices could mean the performance of automobile and steel companies would improve in coming quarters.
"The buying momentum has improved on fresh fund buying. This has led to a re-look at index heavyweights and select mid-caps. The strong earnings growth may extend beyond IT to automobiles, steel and cement," said Nikhil Thacker, head of research with brokerage UTI Securities.

Copyright Agence France-Presse, 2006

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