After a two day knock the markets edged up with many
of the beaten down names reversing some of their losses. Sensex ended 125
points higher to end at 18789 and Nifty ended 47 points up to close above 5550.
Most of the banks baring SBI and Metals had a positive tick by the time the
markets closed. IT stocks after a pause yesterday resumed their up move today
and realty and Infra stocks also had a good day. However the star of the day
was Ranbaxy. The stock was up 28% after its Q1 results. Part of it was also
because of short covering.
The Rupee has been having a see-saw trade with
alternate down days and up days. After yesterday’s 53ps weakening, the Rupee
strengthened 42ps today to close above 61 at 60.88. Much of it was in
anticipation of some measures that may be announced over the weekend to shore
up the currency. Commodities had an absolutely flat day with Gold and silver
not showing any major move in either direction.
The truncated week finally comes to an end with a 2% cut on the frontline indices and unquantifiable damage to the investors’
confidence because of the way the trading universe cracked. Now the action will
resume next week and it will be interesting to see if markets choose to rally
some more or decides to resume its down move.
----- Harish Sridharan
No comments:
Post a Comment