Indian equities recoup early losses to end higher (Roundup)
March 3rd, 2011 - 5:41 pm ICT by IANS
Mumbai, March 3 (IANS) Despite opening lower Thursday due to profit taking after two straight days of gains on account of positive sentiments over budget proposals, Indian equities recouped their losses as trading progressed to end with overall gains.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 18,318.32 points, against the previous day’s close at 18,446.50 points, and drifted lower to 18,253.62 points amid high volatility.
The index regained thereafter and hit a high of 18,603.57 points. At closing bell, the index was ruling at 18,446.50 points, with a gain of 43.26 points, or 0.23 percent, data available with the exchange showed.
A day after the presentation of the federal budget, the benchmark index surged 623 points Tuesday as investor sentiment was particularly boosted by the steps to attract foreign investors, including overseas funds and mutual funds.
This had come over and above the 122-point rise Monday. Markets were closed Wednesday for Maha Shivratri.
Out of 13 sector-specific indices, seven were in the green while six others were ruling in the red Thursday. Among the 30 Sensex stocks, 16 ended in the positive territory and 14 closed lower.
Tata Motors led the Sensex stocks, up 3.67 percent, followed by Jaiprakash, up 3.49 percent at Rs.85.90 and Tata Power, up 3.18 percent at Rs.1,192.70.
At the other end, Reliance Infra led the losers, down 3.28 percent at Rs.598.50, followed by Bharti, down 2.32 at Rs.330, and Infosys, down 2.04 percent at Rs.2,045.
The scenario was no different on the National Stock Exchange (NSE), where the broader 50-share S&P; CNX Nifty closed at 5,536.20 points, with a gain of 13.90 points, or 0.25 percent.
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Tags: benchmark index, bharti, bombay stock exchange, bse, budget proposals, closing bell, federal budget, foreign investors, infosys, investor sentiment, national stock exchange, nse, rs 1, rs 2, sensex, sensitive index, shivratri, straight days, tata motors, tata power