Money on the markets
A maturing market amid the mayhem
Well things looked shaky in the morning with the Sensex in negative territory, but it managed to recover in late trade to close 52 points up at 8954.86.
Tata Motors led the rally as investors’ hopes were restored with a rather delayed launch of the people car “Nano”.
Ashok Leyland, Amtek Auto and Maruti Suzuki were up in the range 4-7.2 pct.
Shares in Ranbaxy bore the brunt of the FDA statement yesterday that it had halted reviews of drug applications from Ranbaxy’s Paonta Sahib plant after it was found to have falsified data and test results. Shares in Ranbaxy closed 18 percent down at 169.95 rupees.
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.
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.