Money on the markets
A maturing market amid the mayhem
The Sensex closed at 8843, pulled down by over 3 percent losses in Reliance Industries and a 7 percent slide in ICICI Bank.
The sectoral picture looked bleak as well with all sectors closing in the negative. The bankex led the pack with losses of 3.5 percent and was closely followed by the IT and metal indices which ended down 2.6 percent each.
Shares in Satyam ended 1.7 percent lower with volumes of 14.3 million shares on the BSE. Late on Thursday, the firm was given approval to bring on board a strategic investor.
After rising over 1 percent in early morning trade today, the benchmark index pared gains and just managed to close 27 points higher at 9042, as worries over grim domestic and global economic outlook capped gains made on hopes of an interest rate cut.
The day belonged to technology stocks which appeared attractive post a weakening in the rupee (it continues to trade close to 50 per dollar levels). The BSE IT index closed 2.4 percent higher. Shares in Tech Mahindra gained over 12 percent, Wipro was up 5.4 percent and Infosys ended 2.5 percent higher.
The benchmark index seesawed all through the day and closed 20 points lower at 9015, pulled down by banks that slipped on concerns about their profit margins. The Sensex had dropped below the 9,000 mark in early trade.
Index heavyweight Reliance Industries gained 2.1 percent while Bharti Airtel was up 1.3 percent.
The budget disappointment continued to weigh on investor sentiments, sending the Sensex down 2.9 percent to close a little above the 9,000 mark. Indian markets also took cues from the weakness in global bourses.
Index heavyweights dragged the benchmark lower, with top listed firm Reliance Industries slipping nearly 4 percent. ICICI Bank ended down 5.6 percent, while Infosys was lower by 3.5 percent in trade.
The budget failed to deliver on investor expectations of a stimulus plan for sectors such as autos and construction, while announcing that spending was likely to increase later in the year. For complete coverage of Interim Budget 2009/10, click here.
Investors were relieved as markets ended with strong gains on the last trading day of the week, tracking rises in Asian bourses. The BSE Sensex gained over 200 points to close at 9301.
Gains were led by heavyweights like Reliance Industries, up 4.4 percent; ICICI Bank, up 4 percent, and Infosys Technologies which rose 2.1 percent.
The benchmark index shrugged off lower-than-expected inflation figures and fell 1.21 percent on Thursday, as a slump in domestic demand and fresh concerns over the U.S. economy took a toll on investor sentiment.
The Sensex closed 110.97 points down at 9,090.88, snapping a two-day rise. Losses were led by Reliance Industries, which fell 1.6 percent to 1286.75, and HDFC which dropped 3.6 percent.
For the second day in a row, the Sensex registered small gains after a volatile session.
A surge in Asian markets helped the benchmark add over 2 percent by late morning, but the gains could not be sustained and the index ended marginally higher at 9202 as investors booked profits in stocks such as Reliance Industries.
The Sensex took a hit on Friday as disappointing corporate results outlook and fading hopes of a rate cut sent it down to its lowest close in two months. The benchmark index dropped 1.5 percent to close at 8,674.
Energy giant Reliance Industries bucked the trend and rose 1.8 percent on lower-than-expected fall in quarterly profit.
Outsourcer Satyam jumped 31 percent. U.S.-listed iGate has told the Satyam board that it is interested in buying the firm.