Money on the markets
A maturing market amid the mayhem
The Sensex ended the week on a positive note, closing 1.7 percent higher, as increased investor confidence helped boost sentiment.
The benchmark closed 194.06 points higher at 11,329.05 while the Nifty ended 1.6 percent higher at 3480.75.
On the sectoral front, the BSE Banking index gained 2.7 percent. This was followed by the Consumer Durable index which was up 2.3 percent. All indices closed in positive territory.
The benchmark index ended at 9,568, having struggled throughout trade as investors booked profits. It had dropped over 5 percent just before close.
The Sensex jumped nearly 50 points on Friday to end at 10,048.49, driven mostly by increasing optimism worldwide.
Gains however were capped by profit-booking in a market that has recovered considerable ground after Satyam unveiled the country’s biggest corporate fraud in early January.
The Sensex jumped 335 points on Thursday to cross the 10,000 mark, driven by strong global markets and short covering in monthly derivative contracts.
The Sensex ended 21.38 points down on Tuesday, erasing early gains of as much as 2.9 percent, as investors took profits after the market had risen more than 13 percent over the past two weeks.
Selling was seen in ONGC (down 2 percent), Reliance Communication (down 3.9 percent), Infosys (down nearly 1 percent) and Jaiprakash Associates (down 6.7 percent), while ICICI Bank, HDFC Bank and SBI were among the top gainers, rising 6.3 pct, 2.4 pct and 1.09 pct respectively.
Reliance Industries, ICICI Bank and ITC led the gains in the benchmark index as it traded firm almost throughout the session.
The benchmark closed at 8446.
ICICI Bank, India’s top private lender, fell over 4 percent on concerns the bank’s Russian assets may be vulnerable as firms there struggle to stay afloat.
After a relatively lacklustre morning session, the stock market slipped during the last few hours of trade on Tuesday. The benchmark index closed at 8427, down 2.09 percent.