Stock Market Updates for the Day (19th May '11)
Global cues were positive and there were no big negative triggers from the home front with food inflation registering a decline, but the market turned in a highly lackluster performance till a little past mid afternoon with investors treading cautiously and largely staying away on the sidelines. However, thanks to some frenzied buying engineering heavyweight Larsen & Toubro during the final hour following the company's sterling results and a healthy order book, the market managed to sign off on a positive note with modest gains today.
After a positive start and a subsequent fall, the market recovered swiftly but moved in a very narrow range almost right through the session today, turning weak every now and then.
According to the data released by the government around noon, the food price index rose 7.47% and the fuel price index climbed 12.11% in the year to May 7, 2011. In the previous week, annual food and fuel inflation stood at 7.70% and 12.25% respectively, the slowest rise in food prices since end-March 2009. The primary articles price index was up 10.94%, compared with an annual rise of 11.96% a week earlier.
The Sensex, which touched a high of 18,198.45 in early trades, ended the day at 18,141.40, netting a gain of 55.20 points or 0.31%. The Nifty index of the National Stock Exchange settled at 5428.10, recording a gain of 7.50 points or 0.14%.
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