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Journalism of Courage
Dalal Street was cool to the impressive performance by the ruling BJP party in the State Assembly elections as the benchmark Sensex had already gained substantial ground during the last eight sessions. The benchmark index gyrated between the positive and negative territory throughout the trading session amid increased volatility and closed almost steady.
The BSE Sensex moved in a 77-point range (between a high of 5,252.21 and low of 5,174.86) before settling just 4 points higher at 5,225.90. The S&P CNX Nifty index also gained 4.74 points to 1,675.20.
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CSE board superseded
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KOLKATA: The Sebi has superseded the committee of the Calcutta Stock Exchange for a period of one year with effect from December 4, CSE secretary P. K. Roy said in a late night release. The markets watchdog has appointed Tushar Kanti Das, a retired IAS officer, as administrator of the CSE. Das will exercise and perform all the powers and duties of the CSE committee. (ENS) |
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Increased inflows by FIIs, a rally in the US markets and the recent peace initiatives between India and Pakistan have led to a sharp rally on the bourses over the last few days. Sensex has gained 450.67 points, or 9.4%, in just eight trading sessions to 5,221.90 on December 3, 2003. However, dealers said the market may remain lacklustre in the coming days as the fund managers with FIIs would take a break during Christmas. Buying in pharma, FMCG, oil and gas and index heavyweight Reliance Industries offset weakness in tech, auto and cement stocks.
ICICI Bank came under heavy selling pressure and plunged 6% to Rs 269.55. It had surged nearly 9% on Wednesday. Bank stocks had risen on Wednesday on the back of a broad rally in the sector, after global banking major HSBC acquired a 14.7% stake in UTI Bank. Immense volatility was witnessed in the UTI Bank counter also. The stock pared almost all its gains to end slightly higher at Rs 116. It had gained 18% at one point of time to a high of Rs 135.
