Money on the markets

A maturing market amid the mayhem

Market rises on short covering

May 28, 2009

INDIA-BUDGETThe good times continue for the market. The benchmark extended its rally on Thursday and ended 186 points up as investors covered short positions on the last date of derivatives expiry.

Engineering firm L&T beat forecast with strong quarterly numbers. Its shares closed 2.3 percent up.

Ranbaxy Labs, which gained 4.2 percent, and Sterlite Industries, which rose 3.6 percent, topped the list of Sensex gainers. Bharti shares rose nearly 3.5 percent after a three- session fall.

The metals sector led the sectoral space as its index gained 2.7 percent. SAIL and JSW Steel gained over 6 percent each. Bankex registered a rise of 1.8 percent.

Ispat Industries, Unitech and Suzlon Energy were among the stocks most traded on the BSE.

Data released today showed the inflation rate was unchanged, leaving room for the Reserve Bank to cut rates and boost growth.

Do you think the Sensex can achieve the 15,000 mark anytime soon? Or will profit-taking hamper the rally?

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