Sensex swings over 600 points to close 74,781.76, Nifty 23,398.10
Friday saw the Indian stock market bouncing up and down, with the Sensex swinging over 600 points before ending slightly up at 74,781.76. Nifty also finished higher at 23,398.10.
Despite these gains, most stocks actually fell; nearly 1,727 rose, while 2,293 dropped.
Raymond shares surge, crude above $108
Raymond made headlines as its shares shot up almost 20%, reaching a new yearly high after splitting its lifestyle and real estate businesses into separate companies.
Meanwhile, high crude oil prices (above $108 a barrel) kept investors cautious.
Analysts cite global worries, foreign outflows
Analysts pointed to global worries and foreign investors pulling out money as reasons for the market swings.
Vinod Nair, Head of Research, Geojit Investments Limited, said strong US data and expensive oil raised fears of tighter monetary policy worldwide, but some smart buying in IT stocks helped limit losses.