Mumbai: Late profit booking trimmed early gains and the market ended at a eight-month high at 5930.47 even as a decision by Infosys Technologies to make sponsored secondary offering of shares prompted a smart price rally during morning trading.

The IT bellwether's board of directors in its meeting this morning (Nov 8, 2004), approved conversion of 16 million shares traded in India into American Depository Shares (ADS), which is expected to be beneficial for the long term valuation of the company. The company has convened an extra-ordinary general meeting on December 18 to seek approval of its shareholders.

In a knee-jerk reaction, the market spurted by over forty points during the morning trading and later moved in a narrow range of about 20 points as investors later turned sellers.

Day traders and operators, however booked profits at the prevailing higher price levels at the fag end of session.

The BSE Benchmark 30-share Index opened firm at 5912.52 and later fluctuated in range of 5955.94 and 5912.52 before ending the day at 5930.47, the highest since March 8, 2004, as against last Friday's (Nov 5, 2004) close of 5891.36, a net rise of 39.11 points or 0.66 per cent.

The Sensex had closed at 5935.19 on March 8, 2004.

ONGC and RIL attracted heavy investment interest, brokers said adding that Foreign Institutional Investors (FIIs) were believed to heavy buyers in select heavyweight counters.

The sentiment was also aided by easing crude oil prices. Oil prices fell in Asian trading and were quoted well below $50 a barrel at noon.