Money on the markets
A maturing market amid the mayhem
Short covering ahead of the derivatives expiry today helped the benchmark’s rise as it closed at 11,403.
ICICI Bank, India’s top private lender, gained nearly 9 percent and ended as the top Sensex gainer. It was followed by JP Associates (up 6.8 percent) and Sterlite Industries (up 6.7 percent).
Among sectors, IT led the pack. The info tech index gained nearly 5 percent helped by gains in Patni Computer and Infosys Techologies. The banking index ended with gains of 4.4 percent.
The Sensex broke a long positive run today and closed below 11,000 as investors booked profits in a market that had gained over 18 percent in the eight-session rally. The benchmark close at 10947, registering a drop of almost 3 percent
The fall was led by heavyweights like Reliance Industries, which slipped 4.8 percent, L&T, which was down 5.3 percent, and ONGC, which fell 4.8 percent.
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 Sensex seesawed and ended down 0.9 percent on Tuesday, snapping a three-day rising streak as investors booked profits and weak European markets dampened sentiments.
Reliance Industries, ICICI Bank and ITC led the gains in the benchmark index as it traded firm almost throughout the session.
After a relatively lacklustre morning session, the stock market slipped during the last few hours of trade on Tuesday. The benchmark index closed at 8427, down 2.09 percent.
The Sensex closed at 8843, pulled down by over 3 percent losses in Reliance Industries and a 7 percent slide in ICICI Bank.
The benchmark index seesawed all through the day and closed 20 points lower at 9015, pulled down by banks that slipped on concerns about their profit margins. The Sensex had dropped below the 9,000 mark in early trade.
Index heavyweight Reliance Industries gained 2.1 percent while Bharti Airtel was up 1.3 percent.