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Thursday, August 30, 2012

Equity high

Indian equities rose for the first time in five days ahead of a report tomorrow on the nation’s economic growth and a speech by U.S. Federal Reserve Chairman.
The BSE India Sensitive Index (SENSEX), or Sensex, increased 0.3 percent to 17,541.64, rebounding from an intraday drop of 0.7 percent, as investors closed bearish bets following the expiry of derivative contracts. Hindustan Unilever Ltd. (HUVR), the biggest home products maker, ITC Ltd. (ITC), the largest cigarette company, and Tata Consultancy Services Ltd. (TCS), the top software  exporter, all rallied to a record.
In the 50-stock S&P CNX Nifty Index futures were at 56.3 percent at 4:25 p.m., compared with 70 percent in July, this year, helped by the biggest overseas equity investments among 10 Asian markets tracked by Bloomberg. Foreign funds bought a net $30 million of stocks on Aug. 28, the 21st day of purchases, pushing up their investments this year to $11.8 billion, data from the regulator show. That’s the longest stretch of net buying since a record 41-day streak through Oct. 27, 2010, Bloomberg data show.

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