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Close: Markets pare losses to end flat, banks retain 2% gain

Close: Markets pare losses to end flat, banks retain 2% gain
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First Published: Tue, Mar 24 2009. 04 57 PM IST
Updated: Tue, Mar 24 2009. 04 57 PM IST
New Delhi: Markets cooled off from the day’s high to end flat on Tuesday owing to selective profit booking and weak European markets after a strong rally during the day.
The Bombay Stock Exchange benchmark Sensex was up by 2% at noon as banking stocks led gains on investor confidence boosted by global financial rally.
Markets opened trade more than 1% higher tracking Wall Street and Asian markets gain after US government declared plan to buy toxic assets of banks to give a boost to the world’s largest economy.
Buying sentiment was also supported by foreign funds and expectations of the further easing of monetary policy as indicated by Planning Commission’s deputy chairman Montek Singh Ahluwalia.
The 30-share BSE Sensex plunged to end at 9,471.04, a moderate 47.02 points up and the 50-share NSE Nifty slipped from its 3,000 mark to close at 2,938.70 or 1.30 points down.
Banking segment continued on top despite losses and ended the day’s trade retaining 2.18% along with some buying among realty, capital goods, FMCG and auto sectors.
HDFC Bank Ltd stocks advanced the most on the BSE index, rising by 6.31% to Rs940.50, along with ICICI Bank by 2.44% to Rs355.10, Housing Development and Finance Corp by 2.33% to Rs1,564.45 and government-run State Bank of India gained 1.09% to Rs1,034.65.
Stocks of Ranbaxy Laboratories also surged by 1.83% to Rs164.00 as UK and Australia approved plants of the pharma company that US had previously rejected.
Scrip that dragged gains on the index were of Jaiprakash Associates, down by 6.77% to Rs78.55, Hindalco by 4.51% yo Rs49.70, Reliance Infra by 4.23% to Rs508.15, Reliance Communications by 3.98% to Rs161.45 and Tata Steel by 3.63% to Rs187.35. Infosys Technologies also dropped by 0.58% to Rs1,322.95.
Clearly stocks from metal, infrastructure and consumer durables segments pulled the index down.
In the global markets, financial stocks rallied Japan’s Nikkei to end 3.3% and Hang Seng 3.4% up. In the European indices fall in commodity prices like of metal and oil are weighing down advances.
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First Published: Tue, Mar 24 2009. 04 57 PM IST
More Topics: BSE | NSE | Sensex | Markets | Banks |