By IANS
Mumbai : It was a roller coaster ride for the Indian capital markets Friday as they ended with a hefty gain on the bourses after opening with a sharp fall.
The sensitive index of the Bombay Stock Exchange (BSE) closed at 19,985, after gaining 261.03 points or 1.32 percent from Thursday’s close. The broader S&P CNX Nifty closed at 5,926, gaining 59.30 points or 1.01 percent.
The cues from Asia and US were extremely tenuous, but the Indian markets have shown resilience once again, outperforming all Asian peers and ending near the day’s high. Initially markets took cues from the fall in US on account of credit concerns and the corresponding fall in other Asian markets. Hang Seng was down by 1,000 points or three percent.
But by the end of the trading day, thanks to bull operators, all the key BSE indices ended in the green except IT. BSE mid-cap and small-cap index have outperformed the markets. This has given markets a positive breadth.
On the macroeconomic front, inflation for the week ended Oct 20 fell to 3.02 percent, close to the Reserve Bank’s target of three percent in the medium term. The inflation rate stood at 3.07 percent in the previous week and 5.61 percent in the corresponding week last year.
Among the top gainers on the index were SBI at Rs.2,250 up by 8.42 percent, Tata Power at Rs.1,317 up by 7.27 percent and Reliance Energy at Rs.1,848 up by 4.62 percent.
Among the top losers on the index were Bharti Airtel at Rs.894.70 down by 4.83 percent, GAIL at Rs.393.30 down by 3.45 percent and HCL Tech at Rs.300.30 down by 3.11 percent.