Money on the markets
A maturing market amid the mayhem
Private airline operators had on Friday announced they would suspend operations on August 18 to protest the lack of government relief for the ailing industry.
India’s airlines suffered a cumulative $2 billion of losses in 2008/09 on high operating costs and a fall in demand amid a global slowdown.
Shares in Kingfisher dropped 2.3 percent, Spicejet ended down 1.3 percent while Jet Airways fell 2.37 percent.
The Sensex plunged 5.8 percent on Monday as the higher-than-expected fiscal deficit announced by the government in the Union budget disappointed investors.
The 30-share sensitive index swung from an intra-day high of 15,097 to an intra-day low of 13,959 and closed 870 points lower at 14,043. The fifty-share Nifty ended 5.84 percent down at 4,165.
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.
The Sensex ended 457.34 points up on Monday after a fresh plan to clean up the U.S. financial sector set off a strong rally across Asia.
Gains were led by Reliance Industries which rose 7.5 percent, NTPC (up 3.4 percent), ICICI Bank (up 7.3 percent) and Housing Development Finance Corp (up 8.4 percent) led the gains.
The U.S. government, in its latest move to rescue the economy from the clutches of a deep recession, has introduced a $1-trillion plan to rid banks’ balance sheets of bad loans and securities.
The Sensex closed 2.25 percent higher on Thursday, as gains on Wall Street and positive inflation data boosted investor sentiments.
The benchmark index shed 0.7 pct on Friday as disappointing growth data for the third quarter dampened investor sentiments.