Money on the markets
A maturing market amid the mayhem
After rising over 3 percent by mid-day, the Sensex pared gains and closed just 0.69 percent higher at 11,023 as investors booked profit ahead of the weekend.
Infosys Technologies, L&T and ICICI shares led the gains in the benchmark.
Unitech emerged as the star performer, surging over 20 percent. Unitech is looking to sell more stocks and assets, such as hotels and offices, to cut its high debt.
Unitech, Reliance Natural Resources and Suzlon Energy were the top traded counters on BSE.
The realty, banking and IT indices were amongst the best sectoral performers, all gaining around 3 percent.
The BSE Sensex today crossed the psychological mark of 10,000 and ended 446 points higher, its best close in nearly five months, guided by strong Asian and European markets.
The benchmark index ended at 10,348.83, while the 50-share Nifty ended 150.7 points higher at 3,211.05.
Reliance Industries surged more than 5 per cent on reports the company has started pumping gas from the KG basin, which at full throttle will nearly double India’s gas output.
After mid day, the benchmark touched an intra-day high of 9,120 – a rise of over 2 percent – but pared gains later to close at 8,976. It was the index’s highest close in a month.
The budget disappointment continued to weigh on investor sentiments, sending the Sensex down 2.9 percent to close a little above the 9,000 mark. Indian markets also took cues from the weakness in global bourses.
Index heavyweights dragged the benchmark lower, with top listed firm Reliance Industries slipping nearly 4 percent. ICICI Bank ended down 5.6 percent, while Infosys was lower by 3.5 percent in trade.
The budget failed to deliver on investor expectations of a stimulus plan for sectors such as autos and construction, while announcing that spending was likely to increase later in the year. For complete coverage of Interim Budget 2009/10, click here.
The BSE Sensex today shrugged off shaky early trade and ended 0.6 percent higher on speculation the government would announce an economic stimulus plan in its interim budget.
On the global front, World stocks fell after five days of gains as investors fretted over U.S. plans to boost the economy and save its banks.
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.
Indian markets remained volatile throughout the day but the Sensex managed to close nearly 1 percent higher, tracking gains in global bourses.
A weak early morning session was followed by a bounce back, leading the benchmark index to 9302. But it pared gains later to close at 9149.