A maturing market amid the mayhem
Sensex starts new fiscal on positive note
The Sensex managed to close 2 percent higher today despite short covering, helped by increased buying by funds and strong Asian markets.
Top among the Sensex gainers were Ranbaxy, HDFC and Reliance Infrastructure, all gaining over 6 percent.
The BSE Realty index emerged on top, posting gains of 5.4 percent. DLF, Unitech and Anant Raj Industries were up in the range of 5-20 percent.
The sectoral picture looked healthy with most indices closing in the green. The BSE IT Index ended 3.1 percent up, while the Oil & Gas Index closed 2.8 pct higher.
The benchmark has started the new fiscal on a positive note, but there is little support from the economic front. Latest data shows manufacturing activity contracted for a fifth straight month in March. Exports too saw some heat, dropping to $11.91 billion in February – a fifth straight fall as the global slowdown hit demand for Indian goods.
Do you think the market will be able to sustain today’s rise and top 10,000 before fourth quarter earnings pour in?