Domestic markets under-perform global markets during the week

Rex Mathew
21 May 2005

The markets opened the week on a firm note and the indices gained over a per cent each on Monday. Auto and IT sector stocks met with all round buying and helped the up trend.

Tuesday was the anniversary of the worst ever crash in the history of Indian stock markets, which occurred after last year's general elections. The markets remembered the day by giving up most of the gains made on Monday.

On Wednesday, the markets turned volatile and saw major intra-day swings. SEBI action against some foreign brokerages for the crash of last year kept the market nervous through out the day.

Thursday the markets opened with gains of over a per cent on the back of the strong rally in the US markets and declining oil prices. The gains could not be held however, and the indices lost much of the gains by the day's close.

On Friday, the indices moved in a small range as results were declared by a few public sector banks. After moving in and out of losses, the indices finally managed to close the day with marginal gains.

US markets, economy and oil