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A maturing market amid the mayhem

Sensex pares gains on profit booking


The Sensex ended 21.38 points down on Tuesday, erasing early gains of as much as 2.9 percent, as investors took profits after the market had risen more than 13 percent over the past two weeks.

Selling was seen in ONGC (down 2 percent), Reliance Communication (down 3.9 percent), Infosys (down nearly 1 percent) and Jaiprakash Associates (down 6.7 percent), while ICICI Bank, HDFC Bank and SBI were among the top gainers, rising 6.3 pct, 2.4 pct and 1.09 pct respectively.INDIA-STOCKS/

Financial shares extended their rally after investors cheered the U.S. Treasury’s plan to free banks of up to $1 trillion in troubled mortgage securities and other loans.

The Banking Index was up 2.1 percent on overall improvement in investor sentiments, while the Metal Index dropped nearly 3 percent.