Stock Market Updates for the Day (1st August '11)
After an upbeat start on the back of a positive news from the U.S. where President Barack Obama announced that the Congressional leaders agreed on a compromise on raising the debt limit to avoid a default, and a subsequent jump to higher levels, the Indian market gave up most of its gains following a sudden bout of selling around mid afternoon, but eventually managed to sign off on a positive note on Monday.
Though worries about the U.S. economy eased to an extent following the development on the debt limit issue, the mood back home was quite cautious for a better part of the later half of the session as investors appeared concerned about the impact of the latest hike in rates on growth and future corporate earnings. Heavy selling in the metal space on the back of weak economic data from China and allegations of illegal iron-ore mining in Karnataka contributed to the market's fall from higher levels.
The Sensex, which opened with a positive gap of over 150 points at 18,352.23 and spurted to 18,440.07 in a flash, ended the day at 18,314.33, nearly 100 points off the day's low, recording a gain of 117.13 points or 0.64%.
The Nifty settled at 5516.80, recording a gain of 34.80 points or 0.63% for the day. It touched a high of 5551.90 and a low of 5486.45 during the session.
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