Money on the markets
A maturing market amid the mayhem
Bears ruled the day as the Sensex slipped 2.4 percent to close at 9,100 levels. Fears that a deepening global economic crisis would trigger funds outflow weighed on sentiments as investors waited for cues form U.S. President-elect Barack Obama’s inaugural speech.
Index heavyweights Reliance Industries, Bharti Airtel and ICICI led the fall. Financial stocks took a beating after a record loss by Britain’s RBS.
TCS, which announced a multi-million dollar, multi-year deal with Italy’s Ducati Motor Holding, closed down nearly 1 percent.
There was some cheer for Satyam shareholders. The scrip ended 5.5 percent higher and was the top traded stock with volumes of 12.6 crore on the Mumbai market. One of the board members said on TV that the company has been approached by potential buyers.
It was a day of weak trade on Dalal Street as the Sensex ended with a small gain of six points.
Worries over domestic quarterly numbers continue to weigh on sentiments as investors look for cues from U.S. President-elect Barack Obama’s inaugural speech, due on Tuesday, which should give some idea about his likely policy measures for growth.