Money on the markets
A maturing market amid the mayhem
The benchmark gained 1.2 percent in early trade, but lost ground on profit taking and closed at 9,001.
Top Sensex gainers included Sun Pharma, HDFC and Sterlite Industries, which rose in the range of 2.3 to 4.1 percent.
The BSE Realty Index was the best performer amongst sectors, ending 2.4 percent higher.
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.
Reliance Industries, ICICI Bank and ITC led the gains in the benchmark index as it traded firm almost throughout the session.
The Sensex closed 4.9 percent higher on Friday to post its biggest rise in three months, as investor confidence was bolstered by a jump in other Asian markets following positive news from the United States.
The benchmark closed 412.86 points up at 8756.61, supported by index heavyweights Reliance Industries (up 6.6percent), ICICI Bank (up 8.6 percent) and Infosys (up 5.6 percent).
The benchmark closed at 8198, dragged down by index heavyweights Reliance Industries (down 5 percent) and ITC (down 3.5 percent).
The benchmark closed at 8446.
ICICI Bank, India’s top private lender, fell over 4 percent on concerns the bank’s Russian assets may be vulnerable as firms there struggle to stay afloat.
After a relatively lacklustre morning session, the stock market slipped during the last few hours of trade on Tuesday. The benchmark index closed at 8427, down 2.09 percent.
Indian stocks struggled throughout trade today, weighed down by grim economic data and weakness in global markets. The benchmark index closed 3.2 percent lower, led by a fall in some heavyweight stocks.
Reliance Industries (RIL) and Reliance Petro were in focus, after the former announced that it would absorb its Reliance Petro unit through a share swap. RIL will issue one share for every 16 held in Reliance Petro.
Years back, while on a trip to Jaipur, I had run into a rather energetic man who insisted on jumping the queue at the post office. When requests failed, I asked him why he was in a hurry.
“I have a savings account here,” he said proudly in Hindi, clutching a dog-eared booklet with currency notes tucked in. Ram Prasad, the 42-year-old cycle rickshaw driver had his way and left flashing his stained teeth.
The benchmark index started off on a shaky note and ended Tuesday’s session with losses of 0.24 percent after briefly hitting positive territory on the finance minister’s comments to reduce factory gate duties and service tax.
The sectoral picture looked weak with all sectors closing in the negative. The BSE Metal Index lead the pack with losses of 2.3 percent and was closely followed by the Banking Index which ended down 1.3 percent.