Indian share prices closed at a third straight record high on Friday, recovering from early sluggishness as funds sought benchmark index companies in the oil and media sectors, dealers said. They said buying momentum was strong on positive Asian market trends and the closure of a strong earnings season for the quarter ended September.
The benchmark 30-share Sensex index rose 39.67 points or 0.30 percent to 13,130.79. The index hit a record 13,091.12 Thursday. State-run Oil and Natural Gas Corp (ONGC) rose 4.62 percent, or 38.75 rupees, to 877.7 on media reports that the oil giant will join hands with the Hinduja group to acquire overseas oil and gas fields.
"Buying was seen in select sectors, but investors booked profits in mid- and small-cap stocks which had risen sharply in recent days. We expect the markets to consolidate at these levels," said Manoj Kakaiya, dealer with brokerage ULJK Securities.
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