Money on the markets
A maturing market amid the mayhem
The Sensex closed 2.25 percent higher on Thursday, as gains on Wall Street and positive inflation data boosted investor sentiments.
The BSE Auto Index was the frontrunner, closing 3.7 percent higher on data released on Monday indicating a jump of almost 22 percent in car sales from a year ago.
Shares in Ashok Leyland, Mahindra & Mahindra, Hero Honda and Maruti Suzuki were up in the range of 3-5.8 percent.
The benchmark index shed 0.7 pct on Friday as disappointing growth data for the third quarter dampened investor sentiments.
After gaining nearly 2 percent during trade, the benchmark index pared gains and closed just 80.5 points higher at 8902, as cuts in factory gate duty and service tax triggered short covering ahead of the expiry of monthly derivatives contracts.
The day belonged to auto and metal stocks, which appeared attractive on expectation the duty cuts on Tuesday will boost sales.
The BSE Auto Index closed 3 percent higher and the BSE Metal Index ended 1.2 percent up. Apollo Tyres, Tata Motors (trucks) and Ashok Leyland have slashed prices after yesterday’s announcement.
The BSE Sensex saw a choppy start today but buying by domestic funds lifted it into positive territory.
The 30-share sensitive index rose 2 percent to 9,424.24, its highest close since January 7, as domestic funds focussed on blue chips with earnings potential, such as Reliance Industries.