Money on the markets
A maturing market amid the mayhem
Metal companies fared badly at the bourses on Monday, causing the BSE Metal Index to drop nearly 2 percent.
Iron ore firm Sesa Goa ended as the top loser in the index, dropping more than 6 percent to 401.55 rupees. Gujarat NRE Coke shares slipped 4.3 percent.
Only three stocks in the index – JSL, NALCO and SAIL – closed in the positive.
Among other top firms, Sterlite Industries ended down 2.4 percent while Tata Steel slipped 1.6 percent.
All stocks in the metal index closed in the green, with Gujarat NRE Coke and Sesa Goa leading the pack with gains of over 7 percent each.
Profit-booking continued in a market that has risen sharply since early March, dragging the benchmark down by 174 points to 15,274.
The Sensex jumped nearly 50 points on Friday to end at 10,048.49, driven mostly by increasing optimism worldwide.
Gains however were capped by profit-booking in a market that has recovered considerable ground after Satyam unveiled the country’s biggest corporate fraud in early January.