Money on the markets
A maturing market amid the mayhem
The top Sensex gainers included ACC, DLF and JP Associates, all gaining over 8 percent each.
Oil firms were in focus today, with the government indicating that it was likely to allow market pricing of fuels. HPCL shares surged 8.3 percent, IOC gained nearly 7 percent and BPCL ended 3.75 percent up.
Some oil marketing companies also announced their results. BPCL’s Jan-March net profit stood at 36.28 billion rupees, and IOC’s profit was 66.2 billion rupees.
Engineering firm L&T beat forecast with strong quarterly numbers. Its shares closed 2.3 percent up.
The rally was led by heavyweight counters like ICICI, ONGC and Reliance Industries.
Weak Asian and European markets also weighed on sentiments.
Losses in heavyweight stocks like ICICI Bank, Reliance Industries and Bharti Airtel dragged the benchmark lower by over 300 points.
Bharti Airtel was in the limelight after it announced the restart of merger talks with South Africa’s MTN. The news saw Bharti’s shares closing 5.4 percent down on fears that its earnings would initially be diluted after the deal. The counter had risen by over 8 percent earlier in the day.
The stock market ended 1.1 percent higher on Friday at 13,887, on account of buying by some funds, taking its gains for the week to 14 percent.
The election result has helped in restoring battered investor confidence.
Heavyweight stocks like Reliance Industries, ICICI Bank and L&T led the benchmark rise.
The stock market was volatile today as profit taking continued for the second day after a two-day post election rally. Weak Asian markets too weighed on investor sentiments.
The Sensex moved mostly in negative territory throughout trade, turning positive briefly after touching an intra-day low of 13,704.43 points and then shifted back to the red. The benchmark closed 324.12 points down at 13,736.54, while the Nifty ended 59.40 points lower at 4,210.90.
The main contributors to the benchmark’s fall were L&T, ICICI Bank, HDFC and Reliance Industries.
The stock market was choppy today amid mixed cues from global markets. The benchmark opened 0.5 pct down and slipped further in the day as heavy volumes and signs of resistance saw investors booking profits instead of buying.
The Sensex touched an intra-day low of 13,976.49points and finally closed 241.37 points down at 14,060.66 The Nifty ended 48.15 points lower at 4,270.30.
The Sensex fell more than 3 percent early on Tuesday paring yesterday’s gains, but got right back into action on strong domestic buying and closed 0.1 percent up with support from positive global cues.
The benchmark swung from 13,840 in early trade to an intra-day high of 14,930 and then closed at 14,302 on profit taking. The index had gained more than 17 percent on Monday. The Nifty declined to 4,318.45, down 4.7 points.
The Sensex created history today, jumping more than 17 percent for its biggest single-day gain in almost two decades as investors cheered the ruling coalition’s election victory.
The benchmark hit the first circuit breaker a few seconds after opening. The second breaker came at 11:55 am and trade was finally halted for the day, with the Sensex closing 2110.79 points up at 14, 284.21.