A maturing market amid the mayhem
Sensex gains in choppy trade
The Sensex ended nearly 200 points up on Wednesday as investors covered positions ahead of the monthly derivatives expiry.
The session was volatile throughout the day, with the benchmark gaining momentum towards the close of the trade.
The top gainers included Jaiprakash Associates, which gained 7.5 percent, Tata Power, which was up 7.1 percent, DLF which surged 6.2 percent and Reliance Industries, which was up 5.6 pct.
FII data showed a positive net investment in equities of $173.3 million, while a net selloff was seen in debt of $239.1 million
The rupee came off a one-week low, helped by the over 2 percent rise in the share market. The partially convertible rupee is now trading close to 51 per dollar. This volatility in the rupee is not a welcome sign for corporate India, as it will result in hedging losses and an appreciation in the rupee will result in depreciation of FII portfolio.
The 50-share NSE index ended 1.5 percent up at 2,984.35 after touching the day’s high of 2,996.
Though there is likely to be some volatility in the markets ahead of expiry of March derivatives, do you think the benchmark will be able to sustain the past gains?