For retail investors, who had suffered big losses in the mayhem that started in January 2008, this is certainly a good news. Since mid-March, when the Sensex was languishing at 8,000 levels, there has been a sharp change in the mood. Markets have risen over 100 per cent. Even returns from mutual funds have improved substantially.
Overnight, in the US markets, fear returned to Wall Street.
The Bombay Stock Exchange's benchmark Sensex crashed by 580 points to 15,484 at 1230 hours on Wednesday as operators succumbed to fresh selling pressure amid a rapid pullout of foreign capital as a poor manufacturing outlook for China and weaker-than-expected growth in the United States spurred fresh fears of a global slowdown.
Discarding a weak economic growth number, markets today rose for the fourth straight day with BSE Sensex gaining 169 points to close at a new 19-month high on hopes of imminent rate cut to revive the slowing economy.
The much-anticipated correction in the market seems to have finally set in.
The new contracts will be denominated in US dollars and settled in cash.
Despite the domestic factors like elections triggering the rally in the market, it is likely to be dominated by global dynamics, the report stated. Further, the country is at a significantly superior growth and risk category relative to its past cycles or competing global investment destinations, it added.
Economic reforms and stable crude oil prices could drive the Sensex up to 20,000 points by March next year, brokerage company Kotak Securities said.
'Investors need to be stock specific and should not rush to buy stocks at the current levels.'
The Bombay Stock Exchange benchmark Sensex witnessed its second-largest fall ever losing 900.84 points to close at 16,677.88 on frantic selling by funds, triggered by deepening concern over United States recession and some Budget-related concerns.
The broader 50-share Nifty of the National Stock Exchange edged up by 5.15 points, or 0.11 per cent, to 4,819.40.
Heavy institutional buying in banks and technology counters helped the Bombay Stock Exchange's benchmark index end at an over seven-month high, overcoming uncertainty on the outcome of the elections and weaker-than-expected industrial output data.
The Sensex, which fell for the third straight day, dropped by 179.79 points to 8,427.29, after dipping to the day's low of 8,390.21 as the funds remained net sellers in heavyweights led by consumer durables and banking.
Hit by weak GDP growth estimates, the Sensex on Thursday fell by 59.40 points to close at one-and-a-half month low of 19,580.32, completing six days of losses -- the longest string since November.
"We think it (the Sensex) will be at 19,000 points by March, barring some really exceptional happening," the firm's managing director and chief executive officer, Madhabi Puri Buch, said.
The NSE Nifty ended at 2886, up 189 points. With Friday's gain, the main index of the Bombay Stock Exchange, the Sensex, gained over 27% (2,091 points) from it's Monday low of 7,697.
India will continue to attract fund allocations from foreign investors next year as well and the 30-share Bombay Stock Exchange (BSE) Sensex would touch 23,000 levels by end-2011, a study by the asset management arm of ING said.
The 50-share National Stock Exchange index Nifty rose by 41.95 points to 4,572.65, after touching the day's high of 4,582.20. Marketmen said trading sentiment turned bullish after President Pratibha Patil presented the agenda of the UPA government in Parliament.
The collective market cap of 30 Sensex scrips on Wednesday stood at Rs 21,32,443 crore (Rs 21324.43 billion), as against Rs 19,36,891 crore (Rs 19368.91 billion) on July 6 -- representing a gain of about Rs 2 trillion for the shareholders.
Huge short covering and strong buying from institutional players and traders alike helped the Bombay Stock Exchange Sensitive Index, or Sensex, to a six-month high on Wednesday.
Sustained buying by foreign institutional investors and selective buying by local funds pushed a host of stocks to their 52-week highs.
The inclusion of Tata Consultancy Services in the BSE Sensex from June may act as a drag on it in the same way as it dampened movement in the Nifty since April 19, when the company announced its disappointing Q4 results.
BSE (formerly Bombay Stock Exchange) has seen its market share go past the critical 20 per cent mark in the derivatives segment, intensifying its battle with bigger rival - the National Stock Exchange (NSE) - which, less than a year ago, had a monopoly in this space. In April, the average daily trading volume (ADTV) for BSE stood at Rs 89 trillion, accounting for 20.6 per cent of the overall ADTV of Rs 432 trillion (based on notional volumes for options).
The Sensex finally closed with a gain of 52 points at 7,944 on the first day of the Samvat year 2062.\n
Market watchers do not anticipate a turnaround soon.
It is not only Mumbai's Dalal Street that is witnessing firecrackers on its skies in the run-up to Diwali, markets across the world tend to soar higher during the festival days -- be it Christmas in the United States or the Rio festival in Brazil.\n
As many as 206 stocks defied bearish overall trend to trade in the positive zone on Monday even as the broader market witnessed a bloodbath with the Sensex plunging to an intra-day fall of over 1,200 points till noon.
The Bombay Stock Exchange has warned investors to be careful before investing in the stock markets.
Sensex is a basket of 30 constituent stocks representing a sample of large, liquid and representative companies. The base year of Sensex is 1978-79 and the base value is 100.
In 7 days, the index has gained 1,359.23 points.
Our stock exchanges no longer belong to one state or one community.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances