Money on the markets

A maturing market amid the mayhem

Sensex closes lower, DLF gains

May 14, 2009

INDIA-STOCKS/6PCTThe Sensex closed 1.2 percent lower at 11,873, recovering close to 200 points from the day’s low of 11,695 as investors remained jittery about the final outcome of the general election.

The benchmark was dragged lower by heavyweights Bharti Airtel, Reliance Industries and ICICI Bank.

DLF was the top Sensex stock with gains of 7.4 percent. Its climb helped the realty index rise by over 2 percent, outperforming other sectors.

DLF, the country’s top listed developer, aims to raise 100 billion rupees over the next three years from asset sales.

Prominent among the mid-caps were Bhushan Steel which dropped 16.4 percent, and Essar Shipping which jumped 18.7 percent.

Economic data too weighed on the market. Although the inflation rate has eased to 0.48 percent from previous week’s 0.7 percent, exports are expected to have fallen an annual 33 percent in April. The trade secretary said the slowdown in exports would continue up to August.

Do you think the uncertainty surrounding the outcome of the elections will continue to weigh on the market?

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