Market basks in Akshaya Tritiya glee, sees 300-point comeback
06 May 2011
The Indian market was due for a bounce-back and it couldn't have come at a better time on an auspicious occasion like Akshaya Tritiya. It was a classic pullback led by rate sensitives, autos and banks which were wacked out of shape by the bears this week.
The market recovered smartly after the BSE Sensex recorded its longest losing streak in a decade falling for nine consecutive sessions on falling corporate earnings and rampant inflation.
Tata Motors nudged over Rs 1,200 mark with close to 6% gains today. The largecap was accompanied by ICICI Bank, Hero Honda, HDFC Bank and M&M. On the losing side Bharti Airtel got more battering from bears for disappointing quarterly results. Reliance Infra, Sterlite Industries, ONGC and Tata Power shut shop with losses.
On weekly basis, BPCL and BHEL were up 6% and 3% respectively. ACC, Ambuja Cement, Bajaj Auto, Reliance Communication, Reliance Power, Reliance Infra, Sesa Goa were down 7-11%.
Top gainers on the BSE Midcap - Jet Airways, SpiceJet, DeccanChronicle, M&M Financial and TVS Motor were up 7-13%.
Top losers on the BSE Midcap - SKS Microfinance, OnMobile Global, KGN Industries, Jindal PolyFilm and Manappuram were down 4-20%.