Money on the markets
A maturing market amid the mayhem
The BSE Oil & Gas Index ended 2.3 percent higher on Thursday on reports that state-run oil companies may get cash instead of oil bonds as compensation.
Shares in ONGC ended 2.9 percent higher while Hindustan Petroleum rose 1.2 percent. Aban Offshore led the list of losers on the Oil and Gas index with a 1.4 percent drop.
Sensex heavyweight Reliance Industries ended 2.9 percent up with volumes of 1.9 million shares.
The government has been issuing bonds to cover losses at state oil refiners like Indian Oil Corp and Bharat Petroleum Corp Ltd, which are required to sell fuel and cooking gas at lower than market price to control inflation and help the poor.
Shares in index heavyweight Reliance Industries dropped 1.8 percent on Monday, after it raised $763 million through share sale.
The share sale by energy major Reliance Industries, is seen as part of the company’s bid to take control of Luxembourg-based LyondellBasell.
The Sensex rose 1.5 percent on Wednesday to close above the 17,000 mark for the first time since May 2008.
On the sectoral front, the banking sector led the indices gaining 3.6 percent followed by the Auto index, which rose 2.1 percent. The Capital Goods ended 1.7 percent higher.
Shares in Reliance Industries ended 1.5 percent higher at 2180 rupees, pushing the broader market up 1.4 percent to 16,454.
Selling pressure pulled the BSE Sensex below 14,000 on Wednesday as concerns over global economic recovery spooked financial markets all around.
Trade was volatile and the 30-share sensitive index touched an intra-day low of 13,701 before closing 401 points lower at 13,769. The fifty-share Nifty ended 2.93 percent down at 4,078.
The Sensex plunged 5.8 percent on Monday as the higher-than-expected fiscal deficit announced by the government in the Union budget disappointed investors.
The 30-share sensitive index swung from an intra-day high of 15,097 to an intra-day low of 13,959 and closed 870 points lower at 14,043. The fifty-share Nifty ended 5.84 percent down at 4,165.
The BSE Sensex ended 0.69 percent higher on short-covering ahead of the monthly derivatives expiry. Gains were capped by worries about the health of the global economy.
Trade was volatile and the 30-share sensitive index swung from an intra-day low of 14,207 to an intra-day high of 14,479 and closed 98 points higher at 14,422. The fifty-share Nifty ended 1.08 percent up at 4,293.
The BSE Sensex erased early losses to end flat, tracking global markets as concerns about the prospects for an economic recovery pushed key indices into negative territory.
The market remained volatile ahead of the expiry of the current months derivative contract on Thursday. The rise in the benchmark was led by Reliance Industries, HDFC, BHEL and ONGC.
The 30-share sensitive index swung from an intra-day high of 14,394 to an intra-day low of 14,016 and closed 2.1 points lower at 14,324. The fifty-share Nifty ended 0.28 percent up at 4,247.