Money on the markets

The stock market seesawed throughout trade today and ended marginally higher at 11,372, as investors covered short positions ahead of the monthly derivatives expiry.

The benchmark had risen over 1 pct during trade, but was unable to sustain it and closed just 42 points higher.

Several corporate houses like Ranbaxy Labs, Oriental Bank of Commerce, Indian Bank and JP Associates announced their quarterly numbers today.

Ranbaxy disappointed with a huge first-quarter loss and also forecast a second year of losses. The drug maker’s shares fell 4.6 percent.

Shares in JP Associates gained 3.5 percent on an 83 percent jump in net profit for the quarter ended March 31.

ICICI Bank gained over 8 percent and was the top Sensex gainer, followed by Sterlite industries and Wipro which gained a little over 4 percent each.

The banking index was the best sectoral performer with gains of 2.4 percent. However, consumer durables and realty indices struggled and slipped around 2.5 percent each.

With more results expected soon, where do you see the market heading?