Indian stock benchmark closes above 15,000
Mumbai: India's benchmark stock index rose, erasing earlier losses, after President Pratibha Patil said the government will focus on developing the nation's roads, ports and bridges. Construction companies advanced.
Jaiprakash Associates Ltd., India's largest builder of dams, advanced 2.7 per cent after Patil told parliament the government plans to remove delays in public works projects. Larsen & Toubro Ltd, the biggest engineering company, added 3.6 per cent. Sterlite Industries (India) Ltd. led declines by metal producers after copper prices fell in Shanghai.
"We are bullish on infrastructure companies," said Amitabh Chakraborty, president of equities at Religare Capital Markets Ltd. in Mumbai. Road, port and airport builders will be the biggest gainers, he said.
The Bombay Stock Exchange's Sensitive Index, or Sensex, rose 137.78, or 0.9 per cent, to 15,008.68, its highest since September 2.
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