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Sensex starts new fiscal on positive note

April 1, 2009

The Sensex managed to close 2 percent higher today despite short covering, helped by increased buying by funds and strong Asian markets.

The Sensex rise was led by Reliance Industries (up 3.6 percent), Infosys (up 3.8 percent) and HDFC (up 6.7 percent).INDIA-STOCKS/

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?

Comments

The day belonged to sensex as it rose 193 points(2%) to touch 9,901.Sensex brushed aside the negative news of 21.7% fall in exports in February 2009.Sensex has over the past year faced too many bad newses and has learnt to live with them.

It is hoped that G 20 leaders will make some joint declaration about rescuing world’s economy.A stimulus plan across major economies may help India to revive its exports and get much needed foreign capital.Any positive declaration on this account may give sensex a new trigger.

Let us hope for 10,000 by tomorrow.

Posted by A.Kapoor | Report as abusive
 

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