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 benchmark had risen over 1 pct during trade, but was unable to sustain it and closed just 42 points higher.
After rising over 3 percent by mid-day, the Sensex pared gains and closed just 0.69 percent higher at 11,023 as investors booked profit ahead of the weekend.
Infosys Technologies, L&T and ICICI shares led the gains in the benchmark.
Unitech emerged as the star performer, surging over 20 percent. Unitech is looking to sell more stocks and assets, such as hotels and offices, to cut its high debt.
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.
The benchmark index ended at 9,568, having struggled throughout trade as investors booked profits. It had dropped over 5 percent just before close.