Money on the markets
A maturing market amid the mayhem
The Sensex closed 4.9 percent higher on Friday to post its biggest rise in three months, as investor confidence was bolstered by a jump in other Asian markets following positive news from the United States.
The benchmark closed 412.86 points up at 8756.61, supported by index heavyweights Reliance Industries (up 6.6percent), ICICI Bank (up 8.6 percent) and Infosys (up 5.6 percent).
Financial stocks across the world were boosted after Bank of America Chief Executive Kenneth Lewis said the largest U.S. bank was profitable in January and February
The BSE Realty Index was the frontrunner, closing 7.57 percent higher on hopes of a rise in demand for housing if there is a further rate cut.
The Sensex closed 2.25 percent higher on Thursday, as gains on Wall Street and positive inflation data boosted investor sentiments.
The Sensex closed nearly 2 percent down on Monday as worries over the world economy hit investor sentiments.
The benchmark closed at 8160.4, dragged down by index heavyweights Reliance Industries (down 1.4 percent), ITC (down 4 percent) and Hindustan Unilever (down 3.3 percent).
The BSE Sensex closed 1.56 percent higher on Friday as investors saw an opportunity in the battered market that had plunged to its lowest in three years in the previous session.
The benchmark closed at 8352.82, supported by index heavyweights Reliance Industries (up 1.8percent), NTPC (up 2.2 percent) and Bharti Airtel (up 2.1 percent).
Indian stocks struggled throughout trade today, weighed down by grim economic data and weakness in global markets. The benchmark index closed 3.2 percent lower, led by a fall in some heavyweight stocks.
Reliance Industries (RIL) and Reliance Petro were in focus, after the former announced that it would absorb its Reliance Petro unit through a share swap. RIL will issue one share for every 16 held in Reliance Petro.
The benchmark index shed 0.7 pct on Friday as disappointing growth data for the third quarter dampened investor sentiments.
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.
After gaining nearly 2 percent during trade, the benchmark index pared gains and closed just 80.5 points higher at 8902, as cuts in factory gate duty and service tax triggered short covering ahead of the expiry of monthly derivatives contracts.
The day belonged to auto and metal stocks, which appeared attractive on expectation the duty cuts on Tuesday will boost sales.
The BSE Auto Index closed 3 percent higher and the BSE Metal Index ended 1.2 percent up. Apollo Tyres, Tata Motors (trucks) and Ashok Leyland have slashed prices after yesterday’s announcement.
The coalition government, which faces general elections by May, is likely to focus on measures to shore up the flagging economy and stem job losses in the interim budget.
The benchmark index shrugged off lower-than-expected inflation figures and fell 1.21 percent on Thursday, as a slump in domestic demand and fresh concerns over the U.S. economy took a toll on investor sentiment.
The Sensex closed 110.97 points down at 9,090.88, snapping a two-day rise. Losses were led by Reliance Industries, which fell 1.6 percent to 1286.75, and HDFC which dropped 3.6 percent.