Money on the markets
A maturing market amid the mayhem
RIL shares had fallen more than 3 percent over the last three days in the absence of any major announcement at the company’s annual general meeting earlier this week.
The Oil & Gas Index rose 1.52 percent, helped by gains in stocks like Reliance, BPCL, Aban Offshore and HPCL.
Investors in RIL have been rewarded well as shares of the country’s top listed firm have gained 10 percent in November so far.
Indiabulls Real Estate, HDIL and Unitech slipped over 5 percent each and ended as the top losers in the index. Phoenix Mills was the only counter on the index that closed in the green.
Top IT stocks Infosys, Wipro and TCS touched their 1-year highs as the BSE IT index closed 0.7 percent higher.
Top IT firms Infosys Technologies and TCS were among the top Sensex losers, falling 0.83 percent and 0.63 percent respectively. Patni Computer dropped over 3 percent.
Only three stocks in the realty index closed in the green, with Parsvanath and Unitech ending as top losers with an over 5 percent fall each.
The Sensex fell on Monday as an unfavourable court ruling saw a sell off in shares of Reliance Industries. Investor sentiments were also dampened by weak Asian markets.
The 30-share sensitive index swung from an intra-day high of 15,261 to an intra-day low of 14,808, and finally closed 362 points lower at 14,857. The fifty-share Nifty ended 2.1 percent lower at 4484.
The Sensex seesawed and ended down 0.9 percent on Tuesday, snapping a three-day rising streak as investors booked profits and weak European markets dampened sentiments.
The BSE Sensex fell in early trade but pared losses to close 0.3 percent down on Wednesday as the much-awaited U.S. stimulus package failed to shore up investor sentiment globally.
Investors were disappointed with the $838 billion stimulus bill passed by the U.S. Senate on Tuesday and their reaction clearly showed greater concern about financial security.