Money on the markets
A maturing market amid the mayhem
The top Sensex gainers included ACC, DLF and JP Associates, all gaining over 8 percent each.
Oil firms were in focus today, with the government indicating that it was likely to allow market pricing of fuels. HPCL shares surged 8.3 percent, IOC gained nearly 7 percent and BPCL ended 3.75 percent up.
Some oil marketing companies also announced their results. BPCL’s Jan-March net profit stood at 36.28 billion rupees, and IOC’s profit was 66.2 billion rupees.
The rally was led by heavyweight counters like ICICI, ONGC and Reliance Industries.
Weak Asian and European markets also weighed on sentiments.
Losses in heavyweight stocks like ICICI Bank, Reliance Industries and Bharti Airtel dragged the benchmark lower by over 300 points.
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 was dragged lower by heavyweights Bharti Airtel, Reliance Industries and ICICI Bank.
The outcome of the elections this weekend weighed on investors’ minds as the benchmark slipped nearly 200 points to close at 11,683.
Some index heavyweights took a beating – Reliance Industries slipped 1.98 percent, SBI ended 4.8 pct lower and L&T dropped 2.8 percent.
The benchmark closed down 240.51 points at 11,876.43, while the Nifty ended 1.7 percent down at 3,620.70.
The BSE Sensex closed 1.4 percent lower on Wednesday as investors booked profits ahead of the fourth phase of India’s general elections on Thursday.
The BSE Sensex closed 0.74 percent lower on Wednesday as weak Asian markets dampened sentiments and investors booked profits for a third session.