Money on the markets
A maturing market amid the mayhem
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 sectoral picture too looked bleak, with only realty, banking and capital goods indices managing to end in the green. The auto and oil & gas indices were the worst performers registering a decline of 2.1 percent each.
Shares in Unitech, one of India’s top listed realty firms, ended 5.2 percent higher at 82.05 rupees. It was also the top traded stock on the BSE. The firm announced its full-year numbers today.
The Sensex fell on Monday as an unfavourable court ruling saw a sell off in shares of Reliance Industries. Investor sentiments were also dampened by weak Asian markets.
The 30-share sensitive index swung from an intra-day high of 15,261 to an intra-day low of 14,808, and finally closed 362 points lower at 14,857. The fifty-share Nifty ended 2.1 percent lower at 4484.
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.
The BSE Sensex seesawed today, mainly on account of profit-booking after the benchmark closed at an almost nine-month high yesterday.
The 30-share sensitive index of the Bombay Stock Exchange swung from an intra-day high of 14,994 to an intra-day low of 14,608, and finally closed 34 points up at 14,874. The fifty-share Nifty ended 0.10 percent down at 4525.
The main contributors to the benchmark’s rise were HDFC, Tata Steel, ICICI Bank and SBI.
The rally was led by heavyweight counters like ICICI, ONGC and Reliance Industries.
The stock market ended 1.1 percent higher on Friday at 13,887, on account of buying by some funds, taking its gains for the week to 14 percent.
The election result has helped in restoring battered investor confidence.
Heavyweight stocks like Reliance Industries, ICICI Bank and L&T led the benchmark rise.
Index heavyweight and top private lender ICICI Bank gained over 7 percent to close at 574 rupees. Its shares have gained 28 percent this year.
An over 1 percent loss in Reliance Industries and a 3.4 percent loss in ONGC led the benchmark lower to close at 12,020 points.
After a relatively quiet start in the morning, the benchmark stock index rallied and closed 475 points higher even as factory output data disappointed.
There was speculation that the BJP-led alliance, perceived as market friendly, was gaining momentum in the elections.
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.