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Indian Shares End Higher; State Bank Of India, Reliance Gain


MUMBAI (Dow Jones)–Institutional buying in State Bank of India and expectations of strong quarterly results at energy giant Reliance Industries lifted Indian shares higher Thursday.

The Bombay Stock Exchange’s Sensitive Index gained 101.43 points, or 0.6%, to end at 17,573.99. The National Stock Exchange’s 50-stock S&P CNX Nifty rose 0.5%, or 24.45 points, to 5269.35.

Trading volume on the BSE rose to INR50.07 billion from Wednesday’s INR46.70 billion. Gainers outnumbered decliners 1,493 to 1,401, while 103 stocks were unchanged.

A technical analysis by Dow Jones Newswires suggests that the Sensex could trade between 17,400 and 17,775 Friday.

The Sensex had risen as much as 1.8% to 17,778.34 during the day but pared most of its gains after European markets opened weak following an EU report that showed the Greek budget deficit in 2009 was wider than the country’s government had estimated.

“The Greek problem looks like it will keep on haunting us through this year,” said Ajit Surana, managing director of Dimensional Securities.

“The biggest problem is the indirect impact. The risk appetite will decrease, as a result of which we will have lower fund flows into emerging markets,” he added.

Market watchers said Indian equity markets looked overvalued and may not be able to sustain gains. [Read More]