Money on the markets
A maturing market amid the mayhem
The rally in the benchmark, which closed at 14,913, was led by HDFC (up 7.7 percent). Gains in Tata Steel, M&M and Reliance Infrastructure also helped.
Banking stocks were the top performers, with PNB, Oriental Bank, Union Bank and ICICI gaining over 3 percent each. All sectoral indices closed positive.
Reliance Natural was the top traded counter on the BSE, gaining nearly 7 percent. Suzlon Energy, Ispat Industries and Satyam were among the other top traded stocks.
The government released the economic survey report on Thursday which said India could see growth of around 7 percent this year if it makes sweeping reforms and speeds infrastructure development. (Click here for complete coverage)
ICICI Bank was the star performer with its stock jumping 9 percent to 754 rupees. Other Sensex heavyweights like Reliance Industries and Infosys gained nearly 4 percent each.
Profit-booking continued in a market that has risen sharply since early March, dragging the benchmark down by 174 points to 15,274.
The Sensex closed at 15,411 after recovering over 150 points from the day’s low. The index was led lower by losses in Infosys, ONGC and SBI.
The 50-share Nifty gained over 100 points to close at 4,655.
Leading the rally were L&T, Reliance Industries, HDFC Bank and BHEL.
Satyam shares hit a 10 percent upper circuit for the second day in a row and closed at 73.5 rupees. Tech Mahindra rose over 5 percent after an over 25 percent rally on Tuesday.
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.
Weak global cues also dampened sentiments and the Sensex ended 2.9 percent down at 14, 666. The Nifty closed 3.4 percent lower.
The BSE Sensex traded firm on Monday as investors cheered improved manufacturing data at home and signs of recovery in the global economy.
The benchmark stayed mostly in positive territory, touching an intra-day high of 14,906 and finally closing 215 points higher at 14,840 – its highest close in almost nine months. The fifty-share Nifty ended 1.8 percent higher at 4529.