Monday, November 29, 1999

BSE Sensex seen up 8th day; Reliance in focus

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MUMBAI (Reuters) The BSE Sensex should extend gains for an eighth day in a row on Friday, powered by improving risk appetite and a fast expanding economy. Mostly higher Asian markets will also help.Reliance Industries , which has the heaviest weight in the main index, will be in focus as the energy conglomerate holds its annual general meeting at 11 a.m. (0530 GMT).The Economic Times reported on Friday Reliance may buy a 26 percent stake in shipbuilder Pipavav Shipyard , citing market sources.The Times of India said on Friday No. 2 mobile firm Reliance Communications was in advanced talks to sell fibre optic cables and telecoms tower business to Reliance Industries.The MSCI's measure of Asian markets other than Japan was up 0.8 percent by 0259 GMT, while Japan's Nikkei was trading 0.1 percent lower.The Nifty India stock futures in Singapore were down 0.3 percent.On Thursday, the 30-share benchmark index rose 0.9 percent to 17,616.69, its highest close since April 27. It is up 3.2 percent so far this week, and has gained 6 percent over the last seven sessions in its best run since August 2009.STOCKS TO WATCH* Brigade Enterprises, after the board of the real estate developer approved raising funds up to 7.5 billion rupees by issuing equity-backed securities via public or private placement.* Ahluwalia Contracts after it said it won 11 orders worth 5.05 billion rupees.* Pipavav Shipyard, after the Economic Times paper reported energy major Reliance Industries may buy a 26 percent stake in the shipbuilder.(Reporting by Ami Shah & Aniruddha Basu; Editing by RanjitGangadharan)(For more business news on Reuters India click
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