Sensex ends moderately up in range-bound trade
The Bombay Stock Exchange benchmark Sensex, after moving between 9,409.51 and 9,273.47, closed with a small gain of 5.98 points at 9,329.57.business Updated: Jan 19, 2009 16:56 IST
The Bombay Stock Exchange benchmark Sensex on Monday ended moderately higher by six points, after swinging in a restricted range as investors showed concerns over slowing third-quarter earnings by blue-chip firms.
The Sensex, after moving between 9,409.51 and 9,273.47, closed with a small gain of 5.98 points at 9,329.57 as realty, metal and refinery stocks were up.
Similarly, the 50-share National Stock Exchange index Nifty rose 17.75 points at 2,846.20. It moved between 2,868.20 and 2,819.90 points during the day.
Every rise in stocks was encashed by major market players, which kept the barometer in a tight range. Stocks of banks, IT firms and auto companies plunged.
Software exporters, led by Tata Consultancy Services Ltd, ended lower after the rupee strengthened against the US dollar, reducing the value of their exports.
Marketmen said major players are still not convinced about growth as there are fears of a fall in quarterly earnings by blue-chip firms.
They said metal stocks were up on rising steel prices in overseas markets while realty stocks firmed up on reports of Unitech planning to raise fresh funds and Jaiprakash Associates gained on better quarterly profits.
The rupee strengthened 0.5 per cent to Rs 48.55 per dollar, they added.