Money on the markets
A maturing market amid the mayhem
The BSE Capital Goods Index gained over 1 percent on Thursday in a broader market that ended flat a day before the annual budget.
Index counters like Kirloskar Bros, Thermax and Crompton Greaves gained over 3 percent each.
L&T shares gained 2.5 percent to close at 1536 rupees after a senior company official said the firm was expecting a contract worth around 80 billion rupees.
The sectoral index has dropped 5 percent this year. L&T has dropped over 8 percent in the same period.
The BSE Capital goods index witnessed a sharp drop over 5 percent on Thursday as top stocks like Larsen & Toubro (L&T) slumped 6.8 percent after results.
Shares in L&T, which announced its quarterly numbers, closed at 1524 rupees after losing 112 rupees after it reported its quarterly sales dropped 6.1 percent. It also ended as the top Sensex loser.
The BSE Sensex ended 2.6 percent up on Thursday on good corporate results and robust economic data.
Data released on Thursday showed infrastructure output grew 6.5 percent in June while the Wholesale Price Index fell 1.17 percent in the 12 months to July 11.
The BSE Sensex erased early morning gains of over 2 percent and ended 1.46 percent down on Wednesday as weak sentiments across Asia downplayed investor sentiments.
Selling pressure pulled the BSE Sensex below 14,000 on Wednesday as concerns over global economic recovery spooked financial markets all around.
Trade was volatile and the 30-share sensitive index touched an intra-day low of 13,701 before closing 401 points lower at 13,769. The fifty-share Nifty ended 2.93 percent down at 4,078.
ICICI Bank was the star performer with its stock jumping 9 percent to 754 rupees. Other Sensex heavyweights like Reliance Industries and Infosys gained nearly 4 percent each.
The BSE Sensex advanced on Friday tracking world markets after positive U.S. economic data boosted investor sentiment and cemented hopes of a global economic recovery. The benchmark, however, snapped a run of 14 weekly gains.
The 30-share sensitive index swung from an intra-day low of 14,179 to an intra-day high of 14,559, and closed 256 points higher at 14,521. The fifty-share Nifty ended 1.4 percent up at 4313.
The rise in the benchmark was led by L&T, Infosys, ITC and HDFC Bank.
On the sectoral front, the BSE Capital Goods Index advanced 4.5 percent, followed by the Realty Index which ended 3.1 percent higher. All other BSE Indices closed the day in the green.
The 30-share sensitive index swung from an intra-day high of 15,257 to an intra-day low of 14,994, and finally closed 94 points higher at 15,103. The fifty-share Nifty ended 0.3 percent higher at 4586.
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.