Money on the markets
A maturing market amid the mayhem
It was a good day for banking counters, as the banking index ended with gains of 1.5 percent in a Mumbai market that ended 200 points higher.
HDFC Bank was the top gainer in the index, ending up 4.15 percent, followed by IndusInd Bank which gained 2.4 percent. Federal Bank was the only stock in the index which ended in red.
The banking index is down 5.5 percent in 2011, while HDFC Bank is down 7 percent, and ICICI is down 7.5 percent during the same period.
Do you think banking stocks are worth buying at this stage?
Bank stocks corrected on Thursday and the banking index ended down 1.2 percent, as the overall market slipped on profit booking.
SBI and ICICI Bank closed down 0.2 percent and 2.3 percent respectively. HDFC Bank and mortgage lender Housing Development Finance lost 0.6 percent.
The benchmark’s rise was led by Infosys Technologies, ONGC and Tata Steel, which were up in the range 2-6 percent.
The BSE Sensex seesawed today, mainly on account of profit-booking after the benchmark closed at an almost nine-month high yesterday.
The 30-share sensitive index of the Bombay Stock Exchange swung from an intra-day high of 14,994 to an intra-day low of 14,608, and finally closed 34 points up at 14,874. The fifty-share Nifty ended 0.10 percent down at 4525.
The main contributors to the benchmark’s rise were HDFC, Tata Steel, ICICI Bank and SBI.
The BSE Sensex closed 1.4 percent lower on Wednesday as investors booked profits ahead of the fourth phase of India’s general elections on Thursday.
The BSE Sensex closed 0.74 percent lower on Wednesday as weak Asian markets dampened sentiments and investors booked profits for a third session.