A maturing market amid the mayhem
Markets end higher on expiry day
Well things looked shaky in the morning with the Sensex in negative territory, but it managed to recover in late trade to close 52 points up at 8954.86.
Tata Motors led the rally as investors’ hopes were restored with a rather delayed launch of the people car “Nano”.
Ashok Leyland, Amtek Auto and Maruti Suzuki were up in the range 4-7.2 pct.
Shares in Ranbaxy bore the brunt of the FDA statement yesterday that it had halted reviews of drug applications from Ranbaxy’s Paonta Sahib plant after it was found to have falsified data and test results. Shares in Ranbaxy closed 18 percent down at 169.95 rupees.
There was good news on the inflation front with data showing it had fallen to a 14-month low in mid-February as cheaper fuels fed into a slowing economy. However, it failed to impact the market.
Prominent losers today were ICICI Bank, HDFC and Hindalco, while Tata Motors, Maruti Suzuki and Grasim Industries wre top in the gainers list.
Adding to the woes is U.S. President Barack Obama’s statement yesterday that tax breaks would be taken away from firms outsourcing jobs. This has left several Indian companies feeling jittery.
Since a dip in inflation has failed to bring cheer in the market, do you think an aggressive monetary policy, like a further rate cut, will help boost investor sentiment and give direction to the market?