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Noon: Markets rebound by 1%, Reliance leads

Noon: Markets rebound by 1%, Reliance leads
PTI
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First Published: Thu, Apr 23 2009. 12 11 PM IST
Updated: Thu, Apr 23 2009. 12 11 PM IST
Mumbai: Indian shares rebounded more than 1% after a shaky start on Thursday, with investors returning to the market after it fell almost 2% in the previous three sessions.
But caution was widespread, as risk appetite was curbed after concerns about the global banking sector were revived and the International Monetary Fund slashed growth forecasts for every major country.
Outsourcers such as Infosys Technologies and Wipro and energy giant Reliance Industries led the gains in the main index.
By 12:01pm, the 30-share BSE index was up 1.2% at 10,946.01 points, after falling as much as 0.5%. The 50-share NSE index was up 1.1% at 3,365.35.
Twenty-four stocks advanced in the benchmark, which had fallen almost 2% over the previous three sessions.
“Most investors don’t want to buy on a rise, they want to buy on a dip. So since we had some weakness this week, investors are returning,” Deven Choksey, chief executive of KR Choksey Shares & Securities, said.
The market had rallied a third over the previous six weeks, largely due to a revival in foreign buying. But slowing growth and political worries amid a month-long general election that began last week were concerns.
“There would be a moderate correction and uncertainty may prevail till the elections results are announced,” Choksey said.
He expects the BSE index to trade within 10,550 and 11,300 until the election result is known on 16 May.
Reliance Industries, which has the biggest weight in the main index, gained 1.5% to Rs1,742 ahead of its quarterly result due after trading ends.
The top listed firm is expected to report a second consecutive drop in quarterly profit as the global economic crisis squeezed demand and shrank its refining margins. No. 2 software-services firm Infosys gained 2.4% to Rs1,412.60. Third-ranked Wipro jumped 6.1% to Rs298.70, a day after its quarterly result beat forecasts.
In the broader section, losers led gainers 1,114 to 976 on relatively moderate volume of 171.1 million shares.
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First Published: Thu, Apr 23 2009. 12 11 PM IST
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