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Sensex recovers another 400 pts

July 15, 2009

INDIA-BUDGETIt was another good day on Dalal Street with the benchmark gaining 400 points to close at 14,253, as investor confidence was boosted by strong results by two U.S firms.

The Nifty index rallied 122 points to close above the 4,200 mark.

Reliance Industries led the benchmark’s rise with a 3.5 percent jump. L&T’s rise of 4.1 percent also gave support.

The top Sensex gainers were Hindalco Industries (up 8.2 percent) and JP Associates (up 7.7 percent). Infosys (down 0.8 percent) was the only index component to close in the red.

All sectors ended with decent gains on BSE, with the realty index adding 8 percent and the metal index gaining 5.6 percent.

Top realty firm DLF gained over 7 percent while Unitech rose nearly 5 percent. Bhushan Steel rallied over 22 percent and was the top metal index performer.

With Wednesday’s rise, the Sensex has added over 850 points in two sessions. Do you think this trend will continue?

Comments

Both the Indices, rose from the low of March 9th to first week of July, before the budget, aided by both the circular and insider trading. Will the SEBI, ENFORCEMENT DIRECTORATE AND THE RBI look into it. The stock market has become playfield for the wealthy and well connected people.Indian exchanges, especially the BSE, NSE AND COMMODITY EXCHANGES have become the casinos for FIIs. The authorities will realise only whne the destruction is over. time is now to act.GOD SAVE INDIA from this man made calamity.

Posted by A.R.Rajasekaran | Report as abusive
 

Market sentiment appears to have changed for good.Sensex has indeed been rising since low of 13,219 points(mid afternoon on 13 July) to 14,253 on 15 July.It is now 660 points below budget level.So fear of dry monsoon, lack of reforms,fiscal deficit,etc.have been put aside.

The markets appear to be in a recovery mode in anticipation of giving an enthusiastic response to Adani Power IPO.The government hopes to raise Rs 15,000cr. through its disinvestment programme.NHPC and Oil India are waiting in que.

The listing of Mahindra Holiday IPO tomorrow is very crucial for the markets future direction.

Posted by A.Kapoor | Report as abusive
 

The big question remains — is this a short rally? or a pullback? We have again started following US markets! and good results from two firms have boosted sentiments.
Monsoon fears, high fiscal deficit/borrowing estimates still a concern?!

Posted by Aditya | Report as abusive
 

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