Three-day slide ends, Sensex surges 317 pts
The Financial Express, April 24, 2009, Corporates & Markets.
fe Bureau, Mumbai
The markets finally snapped the three-day negative streak and closed the day with some smart gains on the back of strong cues from the Asian and European markets coupled with better-than-expected quarter results of HDFC Bank and strong buying in the benchmark indices.
The 30-share Sensex of the Bombay Stock Exchange (BSE) added 317.45 points or 2.93% and closed the day at 11,134.99 points. The broader S&P CNX Nifty of the National Stock Exchange (NSE) ended the day at 3,423.70 points, gaining 93.40 points or 2.8%.
The wholesale price index rose 0.26% for the week ended April 11. The domestic market opened marginally up and turned choppy, tracking mixed cues from US markets. The volatility remained throughout the trading session due to political uncertainty along with earning concerns. However, during the final hours of trading benchmark indices gained some ground on good buying witnessed in benchmark heavyweight and finally closed the day with huge gains.
Amitabh Chakraborty, president, equities, at Religare Securities, said, “The major reason for the markets to end in green was only due to the better-than-expected quarter results of Reliance Industries and HDFC Bank. Till now, results have been better then predicted, I think that markets are likely to go upward in the coming days also.”
Barring consumer durables, all sectors in the BSE ended the day on positive terrain, with IT and metal being the top performers of the day. The breadth of the markets remained strong as out of 2,600 stocks traded on BSE, 1,441 advanced, 1,056 declined while 103 remained unchanged. Among Sensex stocks, 27 ended in green while remaning three stocks closed below the dotted line.
“On Thursday, foreign institutional investors (FII) were net buyers which also had some positive impact on the markets. However since, stocks have rallied in the past few weeks and it will not be surprising if some profit booking can be witnessed in the markets at this level,” added Chakraborty.
The Financial Express, April 24, 2009, Corporates & Markets.
fe Bureau, Mumbai
The markets finally snapped the three-day negative streak and closed the day with some smart gains on the back of strong cues from the Asian and European markets coupled with better-than-expected quarter results of HDFC Bank and strong buying in the benchmark indices.
The 30-share Sensex of the Bombay Stock Exchange (BSE) added 317.45 points or 2.93% and closed the day at 11,134.99 points. The broader S&P CNX Nifty of the National Stock Exchange (NSE) ended the day at 3,423.70 points, gaining 93.40 points or 2.8%.
The wholesale price index rose 0.26% for the week ended April 11. The domestic market opened marginally up and turned choppy, tracking mixed cues from US markets. The volatility remained throughout the trading session due to political uncertainty along with earning concerns. However, during the final hours of trading benchmark indices gained some ground on good buying witnessed in benchmark heavyweight and finally closed the day with huge gains.
Amitabh Chakraborty, president, equities, at Religare Securities, said, “The major reason for the markets to end in green was only due to the better-than-expected quarter results of Reliance Industries and HDFC Bank. Till now, results have been better then predicted, I think that markets are likely to go upward in the coming days also.”
Barring consumer durables, all sectors in the BSE ended the day on positive terrain, with IT and metal being the top performers of the day. The breadth of the markets remained strong as out of 2,600 stocks traded on BSE, 1,441 advanced, 1,056 declined while 103 remained unchanged. Among Sensex stocks, 27 ended in green while remaning three stocks closed below the dotted line.
“On Thursday, foreign institutional investors (FII) were net buyers which also had some positive impact on the markets. However since, stocks have rallied in the past few weeks and it will not be surprising if some profit booking can be witnessed in the markets at this level,” added Chakraborty.
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