BSE Sensex may test all-time high; Power Grid in focus

MUMBAI Mon Nov 8, 2010 8:38am IST

People watch a large screen displaying India's benchmark share index on the facade of the Bombay Stock Exchange (BSE) building in Mumbai January 24, 2008. REUTERS/Punit Paranjpe/Files

People watch a large screen displaying India's benchmark share index on the facade of the Bombay Stock Exchange (BSE) building in Mumbai January 24, 2008.

Credit: Reuters/Punit Paranjpe/Files

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MUMBAI (Reuters) – The BSE Sensex may test all-time highs on Monday, with foreign fund inflows keeping the sentiment bullish.

The BSE-30 share index rose 0.5 percent to a record closing high of 21,004.96 points in a one-hour special Diwali holiday trading session on Friday.

It is only around 200 points shy of an all-time high.

Foreign fund investment of $26.6 billion thus far in 2010 has powered the benchmark index 20.3 percent higher this year to date.

State-run Power Grid Corp will be in focus after the company set the price band for its share sale to raise up to $1.7 billion at 85-90 rupees each, a discount of 12-17 percent to its Friday closing price.

Larsen & Toubro will be on the radar after a company official said on Sunday the engineering and construction firm is bidding for an Oman refinery expansion contract estimated

at $300 million.

The MSCI's measure of Asian markets other than Japan was down 0.3 percent by 0253 GMT, while Japan's Nikkei was trading 1 percent higher.

Nifty India stock futures in Singapore were trading 0.5 percent higher, hinting at a higher open in the domestic market.

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