Reply #20: Indian shares hit record, then drop [View All]

http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20071012:MTFH36177_2007-10-12_06-39-32_BOM230122&type=comktNews&rpc=44

MUMBAI, Oct 12 (Reuters) - Indian shares stretched to their 16th record high in 17 sessions in choppy trade on Friday, powered by gains in index heavyweight Reliance Industries (RELI.BO: Quote, Profile , Research), but there was wariness after the recent rapid rise.

The market fell almost 1 percent in early trade, then rebounded to set a record high after the prime minister said he hoped to avoid early elections and complete a full five-year term, before falling again.

Top private firm Reliance Industries was up 3 percent at 2,709 rupees as Chairman Mukesh Ambani began addressing a shareholders' meeting where he is expected to talk about plans for its refining, exploration and production, and retail businesses.

The share price of Reliance, whose market value is nearing $100 billion, has more than doubled this year.

At 11:05 a.m. (0535 GMT), the benchmark 30-share BSE index <.BSESN> was down 0.57 percent, or 107.42 points, at 18,706.65, after hitting an all-time high of 18,844.62 and with 21 components losing. At its peak, the index had gained more than 20 percent in the 16 sessions since U.S. interest rates were cut on Sept. 18, and had risen by more than third since Aug. 21, when it ended at a three-month closing low.

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