Money on the markets

A maturing market amid the mayhem

Sensex gains 26 points, Bharti falls

May 25, 2009

INDIA-BUDGETThe Sensex seesawed through the day to end marginally higher at 13,913 points, after a historic last week when it had surged over 14 percent.

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.

Ranbaxy’s shares jumped 20 percent after Daiichi Sankyo said on Sunday that Malvinder Singh, chairman and chief executive of its Indian unit had resigned.

In the broader market, the BSE Small-Cap index jumped over 5 percent and the mid-cap index gained 2.8 percent. Some top gainers included JP Hydro-Power, United Breweries and MRF, all gaining around 20 percent.

Developers Parsvnath and Ansal Properties rose over 9 percent, while Unitech gained 8.2 percent, sending the BSE Realty Index up 4.2 percent.

The Sensex is currently trading around 14,000 levels and stocks have appreciated significantly over the past few weeks. Do you think the market will continue to rise and give further relief to investors?

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