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Sensex gains in choppy trade

June 16, 2009

The stock market was choppy today as slipping Asian stocks and weak U.S. manufacturing data sparked profit-taking.

Asian stocks fell for a second day after weak U.S. factory data and news of record job losses in Europe raised concerns about the world economy.

MARKETS INDIA STOCKS

The 30-share sensitive index swung from an intra-day high of 15,022 to an intra-day low of 14,621, and finally closed 82 points higher at 14,957. The fifty-share Nifty ended 0.75 percent up at 4517.

Higher advance tax payments (which indicate improved earnings) from top companies such as Reliance Industries and SBI also aided the Sensex’s intra-day recovery.

On the sectoral front, the BSE Banking Index gained 2.26 percent, followed by the Power Index which ended 1.92 percent higher. The BSE Oil & Gas Index ended lower at 0.98 percent.

FIIs sold net $44.5 million in shares and $34.5 million in debt.

Do you think the Sensex will revisit 15,000 levels this week, or are we in for more profit-booking?

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