Money on the markets
A maturing market amid the mayhem
Shares of healthcare companies traded firm on Thursday, helping push the sectoral index up 1.4 percent to the top of the gainers’ list.
Ranbaxy Labs gained 3.3 percent and ended as the top gainer in the healthcare index. Cipla and Sun Pharma were also among the shares that clocked decent rises.
Investors in this sector should be happy, with the healthcare index gaining 7.3 percent since mid-March, and a little over 8 percent in 2010. During this period, the Sensex has seen a fall of 2.7 percent.
In fact, Pharma mutual funds topped the charts in March, returning 10.8 percent on an average. Experts said the passage of the U.S Healthcare Bill helped stocks of healthcare firms.
Going ahead, would you invest in such funds or stocks?
Engineering firm L&T beat forecast with strong quarterly numbers. Its shares closed 2.3 percent up.
Bharti Airtel was in the limelight after it announced the restart of merger talks with South Africa’s MTN. The news saw Bharti’s shares closing 5.4 percent down on fears that its earnings would initially be diluted after the deal. The counter had risen by over 8 percent earlier in the day.
The benchmark had risen over 1 pct during trade, but was unable to sustain it and closed just 42 points higher.
The benchmark closed at 8198, dragged down by index heavyweights Reliance Industries (down 5 percent) and ITC (down 3.5 percent).
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.
It was a results packed day as big companies like Reliance Industries, Bharti Airtel and Ranbaxy reported their quarterly earnings.
The profits of Reliance Industries, India’s largest listed company, fell 9.8 percent, its first drop in three years. Ranbaxy Labs’ foreign exchange losses pushed it into the red in the December quarter.