A maturing market amid the mayhem
Sensex snaps 3-day fall
After rising over 1 percent in early morning trade today, the benchmark index pared gains and just managed to close 27 points higher at 9042, as worries over grim domestic and global economic outlook capped gains made on hopes of an interest rate cut.
The day belonged to technology stocks which appeared attractive post a weakening in the rupee (it continues to trade close to 50 per dollar levels). The BSE IT index closed 2.4 percent higher. Shares in Tech Mahindra gained over 12 percent, Wipro was up 5.4 percent and Infosys ended 2.5 percent higher.
Shares in Spice Communications surged and ended nearly 22 percent higher.
Fraud-hit Satyam Computer Services lost nearly 5 percent to close at 46.25 rupees. The company is likely to finalise the bid criteria for prospective bidders for a stake in the firm by next week.
Good news on the inflation front too failed to enthuse the markets. Data released today showed the inflation rate had slipped below the 4 percent mark for first time since 2007.
Nothing seems to be working for the market as of now. What do you think is required to improve sentiments? Is it rate cuts or another big stimulus?