Bombay stocks surged 3% Wednesday, adding to a roller coaster week.The Sensex index rose 344 to close at 12,218. The move came on the heels of a 3.8% selloff Monday in which every stock on the index declined, and a modest gain Tuesday that followed a sharp midday swoon. Gainers Wednesday were SBI, up 7.2%, Tata Steel , up 6.8%, ONGC, up 5.8%, and Tata Motors ( TTM), up 3.5%. Cipla dropped 1.6%, Grasim lost 0.5% and NTPC gave up 0.4%. Aluminum maker Hindalco Industries gained 1.5% on a plan to raise prices. Drug maker Ranbaxy Laboratories rose 2.4% on the news of a licensing agreement with Eurodrug of the Netherlands for asthma product Doxophylline. Lupin added 6.4% on strong earnings.
More from Stocks
Retailer Destination Maternity Files for Chapter 11 Bankruptcy
The mall-based retailer, like many of its peers, has suffered from the explosion of online commerce.
Market Wrap: Muted Response to Trade Progress, Goldman Sachs Note on Buybacks
S&P 500 buybacks were down 18% in the second quarter according to a Goldman Sachs note.
How Investors Should Approach Positive Headlines Around U.S.-China Trade War
We're finally getting positive headlines around the U.S.-China trade war. Is it too soon to start celebrating?