Money on the markets
A maturing market amid the mayhem
The top Sensex gainers included ACC, DLF and JP Associates, all gaining over 8 percent each.
Oil firms were in focus today, with the government indicating that it was likely to allow market pricing of fuels. HPCL shares surged 8.3 percent, IOC gained nearly 7 percent and BPCL ended 3.75 percent up.
Some oil marketing companies also announced their results. BPCL’s Jan-March net profit stood at 36.28 billion rupees, and IOC’s profit was 66.2 billion rupees.
Engineering firm L&T beat forecast with strong quarterly numbers. Its shares closed 2.3 percent up.
The rally was led by heavyweight counters like ICICI, ONGC and Reliance Industries.
Weak Asian and European markets also weighed on sentiments.
Losses in heavyweight stocks like ICICI Bank, Reliance Industries and Bharti Airtel dragged the benchmark lower by over 300 points.
Bharti Airtel was in the limelight after it announced the restart of merger talks with South Africa’s MTN. The news saw Bharti’s shares closing 5.4 percent down on fears that its earnings would initially be diluted after the deal. The counter had risen by over 8 percent earlier in the day.
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.
The benchmark was dragged lower by heavyweights Bharti Airtel, Reliance Industries and ICICI Bank.
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.