Money on the markets
A maturing market amid the mayhem
The BSE Sensex closed 2.9 percent higher on Thursday as investors put aside worries about the world economy and returned to the market.
The rise in the Sensex was led by Reliance Industries, Infosys and ICICI Bank.
On the sectoral front, the BSE IT Index gained nearly 5.22 percent. This was followed by the BSE Metal Index which was up 5.2 percent. However, the BSE Consumer Durable Index bucked the trend and ended 0.06 percent lower.
Shares in Reliance Industries, which reported a 1 percent fall in quarterly net profit, ended 2.7 percent higher at 1762.35 rupees. Reliance Petroleum, a unit of Reliance Industries, posted a net profit of 840 million rupees ($17 million) for the March quarter on net sales of 36.78 billion rupees. Reliance Power’s net profit for the year ended March was 2.49 billion rupees.
The BSE Sensex closed 0.74 percent lower on Wednesday as weak Asian markets dampened sentiments and investors booked profits for a third session.
The BSE Sensex closed 0.74 percent lower on Tuesday, tracking weak Asian markets and a downward bias of growth forecast by the RBI.
The Sensex seesawed in early trade today but managed to close 0.57 percent higher, tracking gains in Asian and European markets.
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 managed to close 2 percent higher today despite short covering, helped by increased buying by funds and strong Asian markets.
The Sensex jumped nearly 50 points on Friday to end at 10,048.49, driven mostly by increasing optimism worldwide.
Gains however were capped by profit-booking in a market that has recovered considerable ground after Satyam unveiled the country’s biggest corporate fraud in early January.
The Sensex jumped 335 points on Thursday to cross the 10,000 mark, driven by strong global markets and short covering in monthly derivative contracts.