A possible fall in international indices due to the rumblings in Greece may trigger a short-term dip
The upward movement of the market continued for the third consecutive day after the breather. The Sensex closed at 17,519 (up 0.17%), a gain of 29 points and the Nifty ended up with a high of 14 points (up 0.27%) at 5,246. On Wednesday, the Dow Jones Industrial Average closed 47.69 points or 0.45% higher at 10,733.67. The Nasdaq Composite ended at 2,389.09, up 11.08 points or 0.47%; the S&P 500 was at 1,166.21, up 6.75 points or 0.58% on Wednesday.
After a flat opening, the Indian market struggled in the negative throughout the day. After hitting fresh intraday lows in mid-afternoon trade, the Sensex pared losses and ended in the green. European shares slipped back from the previous session's 17-month closing highs in early trade on Thursday, with banks and commodity stocks taking the most points off key indices. The key benchmark indices in France, Germany and the UK fell by 0.1% to 0.23%. Asian stock markets fell on Thursday on reports that Greece may seek financial help from the International Monetary Fund as there is little hope for aid from the European Union.
The biggest gainers in the Sensex today were Jaiprakash Associates (up 2.5%), Reliance Communications (up 2.1%), Infosys Technologies (up 1.6%), Hindalco Industries (up 1.5%), Reliance Energy (up 1.4%), and ICICI Bank (up 1.2%).
Bharti Airtel rose marginally on reports that the company had applied for 3G mobile spectrum bids in all of the country's 22 telecom circles. Auto stocks fell on rising raw material costs. Hero Honda Motors fell 0.48%. Hero Honda has shortlisted Karnataka as one of the states for setting up its fourth manufacturing plant. Maruti Suzuki India fell 1.14%, extending recent losses triggered by fears that increase in competition may dent sales. Last week, Ford India entered the small car market with its 'Figo'.
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