Money on the markets
A maturing market amid the mayhem
The Sensex closed at 15,670 on Friday, the highest since mid June 2008, while the Nifty index closed at tad below 4,650, a mark closely watched by market participants.
Optimism has swept investors around the globe with good corporate results raising hopes that the worst of the financial crisis might be over.
In India, 82 percent of companies covered by a study by the ET Intelligence Group reported net profits compared with 70-72 percent in the previous three quarters.
As the market rallied on Friday, as many as 100 stocks on the Bombay Stock Exchange touched their 52-week highs. The list included some top companies like Bajaj Auto, BHEL, Infosys, Maruti Suzuki, Tata Power and ITC.
The BSE Sensex ended 0.69 percent higher on short-covering ahead of the monthly derivatives expiry. Gains were capped by worries about the health of the global economy.
Trade was volatile and the 30-share sensitive index swung from an intra-day low of 14,207 to an intra-day high of 14,479 and closed 98 points higher at 14,422. The fifty-share Nifty ended 1.08 percent up at 4,293.
The BSE Sensex erased early losses to end flat, tracking global markets as concerns about the prospects for an economic recovery pushed key indices into negative territory.
The market remained volatile ahead of the expiry of the current months derivative contract on Thursday. The rise in the benchmark was led by Reliance Industries, HDFC, BHEL and ONGC.
The 30-share sensitive index swung from an intra-day high of 14,394 to an intra-day low of 14,016 and closed 2.1 points lower at 14,324. The fifty-share Nifty ended 0.28 percent up at 4,247.