Manglorean March 6, 2009 India’S Sensex Gains 127 Points
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“The rise in the afternoon trade is mainly due to short-covering. I don’t think the pain is over yet, we would see markets falling further in the coming months,” said Jagannadham Thunuguntla, chief executive of New Delhi-based brokerage firm SMC Group.
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Manglorean March 6, 2009 India’S Sensex Gains 127 Points
- 1. India’s Sensex gains 127 points Fri, Mar 6 05:09 PM Mumbai, March 6 (IANS) Indian equities reversed their loss-making trend Friday, with a key index soaring in the afternoon session to end 1.56 percent higher than its previous close. The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 8,103.75 points, rose 127.9 points or 1.56 percent to close at 8,325.82 points. Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 1.64 percent from its last close to end at 2,619.05 points. However, broader market indices like the BSE midcap index closed 0.65 percent lower, while the BSE smallcap index was down 0.83 percent. “The rise in the afternoon trade is mainly due to short-covering. I don’t think the pain is over yet, we would see markets falling further in the coming months,” said Jagannadham Thunuguntla, chief executive of New Delhi-based brokerage firm SMC Group. Among the top gainers on the Sensex were: HDFC, up 6.4 percent at Rs.1,223.35; Hindalco, up 4.38 percent at Rs.39.30; Jaiprakash Associates, up 4.27 percent at Rs.69.55 percent; TCS, up 3.84 percent at Rs.480.80. The scam-hit software major, Satyam computers’ scrip was up 19.94 percent and touched the upper filter after the Securities and Exchange Board of India (SEBI) gave its nod to the company’s board to start a global competitive bidding process to sell 51 percent as controlling stake. The losers included: Maruti Suzuki, down 2.77 percent at Rs.649.10; Hindustan Unilever, down 2.65 percent at Rs.223.95; Ranbaxy, down 2.15 percent at Rs.141.30; and ITC, down 1.61 percent at Rs.164.80. Of all the 13 sectoral indices on the exchange, the index for IT and telecom stocks gained the most. The overall market sentiment was clearly negative, with 1,419 stocks declining, 993 advancing and 88 remaining unchanged. Foreign funds were net sellers to the tune of $151 million continuing to pull out funds to meet payment obligations in their parent countries.