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Sensex snaps losing run

March 4, 2009

INDIA STOCKS/CLOSEThe Sensex ended 19 points higher on Wednesday, snapping a three-day losing streak, as investors went bargain hunting.

The benchmark closed at 8446.

ICICI Bank, India’s top private lender, fell over 4 percent on concerns the bank’s Russian assets may be vulnerable as firms there struggle to stay afloat.

On the sectoral front, the BSE Metal Index ended 2.8 percent higher. Shares in SAIL gained 7.3 percent. The Bankex was the worst hit, ending down 1.5 percent. State Bank of India slipped 1.8 percent.

Fraud-hit firm Satyam dropped over 3 percent to 37.95 rupees with volumes of 6.9 million shares on BSE.

The Sensex managed to end marginally higher today, but is still trading under 8,500 levels. Do you think the index can extend its gains tomorrow?

UPDATE: The much awaited rate cut has been announced. RBI has cut repo rate by 50 bps to 5 pct and reverse repo rate by 50 bps to 3.5 pct with immediate effect. Do you expect the Sensex to rally tomorrow?

Comments

Sensex showed vacillation several times but finally settled in a positive territory.
First 26/11 and then followed by Satyam saga,Sensex has not been able to find its bearings.Yesterday’s attack on Sri Lanka cricketers in Lahore underlines a fact that canker of terrorism may be moving closer to our home shores.Such developments have a geo political consequences that may have a bearing on financial and economic implications for India.
Sensex has got tired of falling day after day,and as a change needs to rise tomorrow!

Posted by A.Kapoor | Report as abusive
 

Let’s hope it rises by a significant amount, if not tomorrow, then in the coming weeks.

Posted by Aditya Kalra | Report as abusive
 

Finally we have a rate cut, hope this helps improve investor sentiment.

Posted by Aditya Kalra | Report as abusive
 

Thanks Mr Kalra for a quick update.In my original text,I had hoped for a rate cut but edited out later as c.bank was expected to announce on Friday after tomorrow’s inflation data.

Posted by A.Kapoor | Report as abusive
 

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