Money on the markets
A maturing market amid the mayhem
Indian markets remained volatile throughout the day but the Sensex managed to close nearly 1 percent higher, tracking gains in global bourses.
A weak early morning session was followed by a bounce back, leading the benchmark index to 9302. But it pared gains later to close at 9149.
Index heavyweights like Reliance Industries (up 1.9 percent), ITC (up 1.8 percent) and Bharti Airtel (up 1.5 percent) led the rise.
The week started on a negative note today, as the Sensex dropped more than 350 points to close 3.8 pct down.
Investor sentiments have been hit yet again by weak U.S. data for the fourth quarter and a survey that showed Indian manufacturing activity fell for a third straight month in January.
The Sensex took a hit on Friday as disappointing corporate results outlook and fading hopes of a rate cut sent it down to its lowest close in two months. The benchmark index dropped 1.5 percent to close at 8,674.
Energy giant Reliance Industries bucked the trend and rose 1.8 percent on lower-than-expected fall in quarterly profit.
Outsourcer Satyam jumped 31 percent. U.S.-listed iGate has told the Satyam board that it is interested in buying the firm.
It was a results packed day as big companies like Reliance Industries, Bharti Airtel and Ranbaxy reported their quarterly earnings.
The profits of Reliance Industries, India’s largest listed company, fell 9.8 percent, its first drop in three years. Ranbaxy Labs’ foreign exchange losses pushed it into the red in the December quarter.
It was a day of weak trade on Dalal Street as the Sensex ended with a small gain of six points.
Worries over domestic quarterly numbers continue to weigh on sentiments as investors look for cues from U.S. President-elect Barack Obama’s inaugural speech, due on Tuesday, which should give some idea about his likely policy measures for growth.