The Sensex bucked the negative trend of Asian markets on Friday, that were pummelled down five per cent following the failure of the crippled auto giants to get $14 billion bailout package. The failure could lead to job loss in the US market rising 10 million. Money flew out of the Asian markets to safer heavens like government bonds bonds and the yen, which touched a 13 year high. The Hang Seng was the biggest looser down 855.51 points followed by the Nikkei down 484.68 points.
"Friday's trading revealed the character of the market as it seems that investors with a longer term perspective are entering it. The markets took the negative growth in the index of industrial production (IIP) in their stride. They made new lows but soon recovered," said MR.V.K.Sharma, director, Anagram Securities Ltd., He said, "One cannot say to what extent this positive situation will remain but there is a bias towards the upside,"
Mr.Ambareesh Baliga was equally optimistic about the market and said that "it is clear that FIIs and domestic buying is there and could be an indication that we have reached the bottom. But certainly it is not the beginning of a rally." The Sensex was affected in themorning trade by the gloomy global sentiment and opened with a negative gap of over 250 points.
It fell further after the index of industrial production figures announced were much lower than market expectations but struggled to claw its way back into positive territory and closed up 44.61 points and 9690.07. The Nifty closed at 2920.15, up 1.2 points. The turnover on both the exchanges was Rs.56,729 crore with the F&O segment accounting for 42,078 crore. The market breadth that indicated broad-based trading with 847 stocks ending positive on the NSE and 397 in the negative.
Among the winners were the oil marketing company shares led by BPCL up six per cent or Rs.18.35. ONGC was down 18.50 and RIL managed to close with a significant gain of Rs.47.30. Real estate was on top led by DLF up Rs.19.85 while bank stocks saw a mixed fare. The mainline information technology stocks took a beating with Infosys down 28.60 and TCS down Rs.25.40.
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