Money on the markets
A maturing market amid the mayhem
The Sensex came under pressure on Wednesday too, as investors continued to book profits in a market that has risen about 86 percent from a 2009 low in early March.
Investor sentiments were hit as several U.S. economic indicators came below expectations. Oil rose towards $71/barrel on Wednesday followed by a weaker dollar. The effect was felt in Asian and European markets too.
The Benchmark extended losses in afternoon trade, led by a sharp decline in metals, capital goods and realty stocks.
The fall in the benchmark was led by Reliance Industries, ONGC and L&T.
The 30-share sensitive index swung from an intra-day high of 14,995 to an intra-day low of 14,447, and finally closed 435 points lower at 14,522. The fifty-share Nifty ended 3.5 percent down at 4356.
On the sectoral front, the BSE Realty Index dropped 5.9 percent, followed by the Metal Index which ended 5.6 percent lower. All other Sensex components ended the day in the red.
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.
The Sensex fell on Monday as an unfavourable court ruling saw a sell off in shares of Reliance Industries. Investor sentiments were also dampened by weak Asian markets.
The 30-share sensitive index swung from an intra-day high of 15,261 to an intra-day low of 14,808, and finally closed 362 points lower at 14,857. The fifty-share Nifty ended 2.1 percent lower at 4484.
Profit-booking continued in a market that has risen sharply since early March, dragging the benchmark down by 174 points to 15,274.
The Sensex closed at 15,411 after recovering over 150 points from the day’s low. The index was led lower by losses in Infosys, ONGC and SBI.
The 50-share Nifty gained over 100 points to close at 4,655.
Leading the rally were L&T, Reliance Industries, HDFC Bank and BHEL.
Satyam shares hit a 10 percent upper circuit for the second day in a row and closed at 73.5 rupees. Tech Mahindra rose over 5 percent after an over 25 percent rally on Tuesday.
The benchmark index managed to recover all of Monday’s losses.
Satyam remained in focus after it posted a consolidated net profit of 1.6 billion rupees in the December quarter. Its shares jumped on this news and hit an upper circuit of 10 percent.
Weak global cues also dampened sentiments and the Sensex ended 2.9 percent down at 14, 666. The Nifty closed 3.4 percent lower.
The 30-share sensitive index swung from an intra-day high of 15,257 to an intra-day low of 14,994, and finally closed 94 points higher at 15,103. The fifty-share Nifty ended 0.3 percent higher at 4586.
The BSE Sensex seesawed today, erasing early losses of as much as 1.8 percent, and finally closed above the 15,000 mark on hopes of a revival in the economy. Higher European markets also helped lift investor sentiments.
The 30-share sensitive index of the Bombay Stock Exchange swung from an intra-day low of 14,601 to an intra-day high of 15,026, and finally closed 137 points up at 15,008. The fifty-share Nifty ended 0.93 percent up at 4572.