Money on the markets
A maturing market amid the mayhem
After rising over 1 percent in early morning trade today, the benchmark index pared gains and just managed to close 27 points higher at 9042, as worries over grim domestic and global economic outlook capped gains made on hopes of an interest rate cut.
The day belonged to technology stocks which appeared attractive post a weakening in the rupee (it continues to trade close to 50 per dollar levels). The BSE IT index closed 2.4 percent higher. Shares in Tech Mahindra gained over 12 percent, Wipro was up 5.4 percent and Infosys ended 2.5 percent higher.
Shares in Spice Communications surged and ended nearly 22 percent higher.
Fraud-hit Satyam Computer Services lost nearly 5 percent to close at 46.25 rupees. The company is likely to finalise the bid criteria for prospective bidders for a stake in the firm by next week.
Good news on the inflation front too failed to enthuse the markets. Data released today showed the inflation rate had slipped below the 4 percent mark for first time since 2007.
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.
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 fell for the second consecutive day and ended 1.59 percent down on Thursday as an unexpected fall in industrial output data for December added to concerns over a deteriorating global economic outlook.
The BSE Sensex fell in early trade but pared losses to close 0.3 percent down on Wednesday as the much-awaited U.S. stimulus package failed to shore up investor sentiment globally.
Investors were disappointed with the $838 billion stimulus bill passed by the U.S. Senate on Tuesday and their reaction clearly showed greater concern about financial security.
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.
The BSE Sensex ended on a strong note on Monday, extending gains to more than 3 percent on hopes of fresh economic stimulus measures and another round of rate cuts by the Reserve Bank of India (RBI).
Gains were led by heavyweights like Reliance Industries, which was up 3.3 percent; ICICI Bank, which rose 5.1 percent, and State Bank of India which added 2.6 percent.
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.
For the second day in a row, the Sensex registered small gains after a volatile session.
A surge in Asian markets helped the benchmark add over 2 percent by late morning, but the gains could not be sustained and the index ended marginally higher at 9202 as investors booked profits in stocks such as Reliance Industries.