Money on the markets
A maturing market amid the mayhem
The Nifty index rallied 122 points to close above the 4,200 mark.
Reliance Industries led the benchmark’s rise with a 3.5 percent jump. L&T’s rise of 4.1 percent also gave support.
The top Sensex gainers were Hindalco Industries (up 8.2 percent) and JP Associates (up 7.7 percent). Infosys (down 0.8 percent) was the only index component to close in the red.
All sectors ended with decent gains on BSE, with the realty index adding 8 percent and the metal index gaining 5.6 percent.
The stock market took cues from strong global markets and upbeat economic data from some regions.
On Friday the benchmark closed 253 points lower at 13,504 on worries over the monsoon and global economy.
ICICI Bank was the star performer with its stock jumping 9 percent to 754 rupees. Other Sensex heavyweights like Reliance Industries and Infosys gained nearly 4 percent each.
Reliance Industries, which has an over 14 percent weight in the benchmark, led the fall, slipping over 2 percent to 1,959 rupees. ITC, ONGC and BHEL were the other contributors.
The 50-share Nifty gained over 100 points to close at 4,655.
Leading the rally were L&T, Reliance Industries, HDFC Bank and BHEL.
Satyam shares hit a 10 percent upper circuit for the second day in a row and closed at 73.5 rupees. Tech Mahindra rose over 5 percent after an over 25 percent rally on Tuesday.
The benchmark index managed to recover all of Monday’s losses.
Satyam remained in focus after it posted a consolidated net profit of 1.6 billion rupees in the December quarter. Its shares jumped on this news and hit an upper circuit of 10 percent.
Weak global cues also dampened sentiments and the Sensex ended 2.9 percent down at 14, 666. The Nifty closed 3.4 percent lower.
The 30-share sensitive index swung from an intra-day high of 15,257 to an intra-day low of 14,994, and finally closed 94 points higher at 15,103. The fifty-share Nifty ended 0.3 percent higher at 4586.