Money on the markets
A maturing market amid the mayhem
Shares in Bharti Airtel, India’s leading telecom firm, gained 3 .4 percent on Wednesday and ended as the top Sensex gainer, even as the overall Mumbai market closed weak.
Other players like Reliance Communications and Idea Cellular managed to close in green as well.
Hurt by price war, Bharti Airtel is expected to report flat quarterly profit growth when it announces results on Friday.
Shares in Bharti Airtel have gained 0.6 percent in 2010 but Reliance Communications has added an impressive 8 percent.
The stock market was volatile today as profit taking continued for the second day after a two-day post election rally. Weak Asian markets too weighed on investor sentiments.
The Sensex moved mostly in negative territory throughout trade, turning positive briefly after touching an intra-day low of 13,704.43 points and then shifted back to the red. The benchmark closed 324.12 points down at 13,736.54, while the Nifty ended 59.40 points lower at 4,210.90.
The main contributors to the benchmark’s fall were L&T, ICICI Bank, HDFC and Reliance Industries.
The Sensex created history today, jumping more than 17 percent for its biggest single-day gain in almost two decades as investors cheered the ruling coalition’s election victory.
The benchmark hit the first circuit breaker a few seconds after opening. The second breaker came at 11:55 am and trade was finally halted for the day, with the Sensex closing 2110.79 points up at 14, 284.21.
The BSE Sensex today crossed the psychological mark of 10,000 and ended 446 points higher, its best close in nearly five months, guided by strong Asian and European markets.
The benchmark index ended at 10,348.83, while the 50-share Nifty ended 150.7 points higher at 3,211.05.
Reliance Industries surged more than 5 per cent on reports the company has started pumping gas from the KG basin, which at full throttle will nearly double India’s gas output.
The Sensex closed 4.9 percent higher on Friday to post its biggest rise in three months, as investor confidence was bolstered by a jump in other Asian markets following positive news from the United States.
The benchmark closed 412.86 points up at 8756.61, supported by index heavyweights Reliance Industries (up 6.6percent), ICICI Bank (up 8.6 percent) and Infosys (up 5.6 percent).
The benchmark index shed 0.7 pct on Friday as disappointing growth data for the third quarter dampened investor sentiments.
It was a results packed day as big companies like Reliance Industries, Bharti Airtel and Ranbaxy reported their quarterly earnings.
The profits of Reliance Industries, India’s largest listed company, fell 9.8 percent, its first drop in three years. Ranbaxy Labs’ foreign exchange losses pushed it into the red in the December quarter.