Money on the markets

A maturing market amid the mayhem

Sensex drops 292 points

June 30, 2009

MARKETS-SOUTHASIA/STOCKSIn pre-budget pessimism, investors booked profits on Tuesday shaving nearly 300 points off the benchmark.

The Sensex closed 1.97 pct down at 14,494, while the Nifty slipped 100 points to 4,291.

Losses in stocks like Reliance Industries, ICICI Bank and L&T weighed on the benchmark.

Top listed realty firm DLF dropped over 8 percent to end as the top Sensex loser, followed by Tata Motors which fell 7.2 percent.

Realty stocks took a beating in trade with their sectoral index slipping 7.4 percent. HDIL dropped over 12 percent, while Unitech was down 6.6 percent.

All other sectors succumbed to pressure and ended in the red with the metals, power and capital goods indices slipping over 3 percent each.

Suzlon Energy ended down over 11 percent to close at 103.7 rupees. It was the second most traded stock on the BSE.

Though it was a bad day for the stock market, the Sensex still managed to register its best quarterly rise in 17 years.

Do you think the Budget announcements can change the course of the market or will profit-booking continue?

Comments

Sensex has had a truly enthralling quarter.It has risen 49.2% in this period.But are “green shoots of economic spring” been sighted yet?

At last the truant monsoon has made a glad re-entry.This is a heartening development for India’s agriculture sector.We now hope that our farmers will catch up on sowing.

Today’s drop of 292 points in sensex is more in nature of trough creation.It is poised for a burst to 15,400 points before FM begins his budget speech.

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