Money on the markets
A maturing market amid the mayhem
The benchmark also managed to post its first quarterly rise since December 2007.
The rise was led by ITC (up 3.3 percent), SBI (up 4.3 percent) and Infosys (up 2 percent).
The top traded stocks on BSE included Unitech, GVK Power, Reliance Natural Resources and ICICI Bank.
The benchmark index ended at 9,568, having struggled throughout trade as investors booked profits. It had dropped over 5 percent just before close.
The Sensex jumped nearly 50 points on Friday to end at 10,048.49, driven mostly by increasing optimism worldwide.
Gains however were capped by profit-booking in a market that has recovered considerable ground after Satyam unveiled the country’s biggest corporate fraud in early January.
The Sensex jumped 335 points on Thursday to cross the 10,000 mark, driven by strong global markets and short covering in monthly derivative contracts.
The Sensex ended 21.38 points down on Tuesday, erasing early gains of as much as 2.9 percent, as investors took profits after the market had risen more than 13 percent over the past two weeks.
Selling was seen in ONGC (down 2 percent), Reliance Communication (down 3.9 percent), Infosys (down nearly 1 percent) and Jaiprakash Associates (down 6.7 percent), while ICICI Bank, HDFC Bank and SBI were among the top gainers, rising 6.3 pct, 2.4 pct and 1.09 pct respectively.
The Sensex ended 457.34 points up on Monday after a fresh plan to clean up the U.S. financial sector set off a strong rally across Asia.
Gains were led by Reliance Industries which rose 7.5 percent, NTPC (up 3.4 percent), ICICI Bank (up 7.3 percent) and Housing Development Finance Corp (up 8.4 percent) led the gains.
The U.S. government, in its latest move to rescue the economy from the clutches of a deep recession, has introduced a $1-trillion plan to rid banks’ balance sheets of bad loans and securities.
The latest inflation data for early March may please authorities ahead of national elections. Political leaders will trumpet the fact that the government’s efforts have yielded results and the demon of inflation has finally been tamed.
But the early March number throws up some serious concerns. It signifies that the Indian economy has entered a phase of deflation for a temporary period. Demand in the economy is extremely subdued and fresh efforts are needed to restore confidence.
The benchmark gained 1.2 percent in early trade, but lost ground on profit taking and closed at 9,001.