Money on the markets

A maturing market amid the mayhem

Sensex gains 2.9 pct, led by Reliance

April 23, 2009

The BSE Sensex closed 2.9 percent higher on Thursday as investors put aside worries about the world economy and returned to the market.

The benchmark closed 317.45 points higher at 11,134.99, while the Nifty ended 2.8 percent higher at 3423.70.MARKETS-SOUTHASIA-STOCKS/

The rise in the Sensex was led by Reliance Industries, Infosys and ICICI Bank.

On the sectoral front, the BSE IT Index gained nearly 5.22 percent. This was followed by the BSE Metal Index which was up 5.2 percent. However, the BSE Consumer Durable Index bucked the trend and ended 0.06 percent lower.

Shares in Reliance Industries, which reported a 1 percent fall in quarterly net profit, ended 2.7 percent higher at 1762.35 rupees. Reliance Petroleum, a unit of Reliance Industries, posted a net profit of 840 million rupees ($17 million) for the March quarter on net sales of 36.78 billion rupees. Reliance Power’s net profit for the year ended March was 2.49 billion rupees.

Experts say India Inc’s revenues could be hit on account of contraction in global demand and squeezing margins. Do you think the market will continue its upswing in the face of contracting demand?

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