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Sensex bounces back, closes 1.47 pct higher

March 31, 2009

MARKETS-SOUTHASIA-STOCKS/After a sharp drop yesterday, the Sensex managed to climb 1.47 percent, helped by strong Asian markets.

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 sectoral picture was bright as all indices closed in positive territory. The capital goods index ended 3.2 percent higher, the healthcare and realty indices closed 2.9 percent higher.

The financial year has ended on a positive note. What’s your Sensex target for the weekend?

Comments

Sensex had a smart comeback today after Monday’s erratic show.It gained 140 points(1.47%).The sensex had an eventful month in March 2009 as it marched to a gain of 817 points(9.18%).It rose a modest 61 points(0.63%) in last quarter of Fy 2009.However it lost 5,936 points(-37.94%) since 31 March 2008-a year largely unfruitful for trade and industry.

There is now an expectation of some exciting news. Reliance KG gas and a new refinery will go on stream later tonight.All this will provide an impetus to domestic industry.

Tomorrow we are starting a new financial year.Corporates have been hesitant in finalising of business plans.An uncertainity lingers in minds about direction of economy.Producers are wary of undertaking any expansions.
Infosys has some good economic philosophers,and their assessment shall be closely watched.A word of cheer from them may do good to many others in planning additional capacities.

Apparently the possible outcome of elections has got already factored into our business sentiment.We are well prepared to live with period of uncertainities.We are preparing to accept one group or other holding office for 1 to 2 years before we are asked to make yet another choice.

c.bank has reduced repo rates by 4%.It should demand,nay force bankers to correspondingly reduce lending rates atleast by the same percentage.A further reduction in rates is also being awaited.

Funds will open new books tomorrow.Hopefully,they will do so on a positive note.We should be touching 10,000 by the week end.

Posted by A.Kapoor | Report as abusive
 

Mixed sentiments all around!

Posted by Aditya | Report as abusive
 

Can we now say the correction is over with mondays decline ??
ICICI bank is very unclear with its investments overseas..I think we can anytime expect a buy back offer from ICICI.IF that happens it should easliy reach 500..

Posted by Anitha | Report as abusive
 

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