It was a good trading session for banking counters, with the BSE banking index gaining more than 2 percent and ending as the top sectoral gainer, as fund managers bet the sector would benefit from a booming domestic economy.
Shares in Bank of India gained 5.4 percent to end as the top Bankex gainer, followed by IDBI which gained 4.3 percent.
ACC shares clocked a second day of gains on Wednesday, closing 3 percent up to top the list of Sensex gainers.
On Tuesday, cement manufacturers had closed higher on hopes of better dispatches post monsoon and product price hikes in the near term, dealers had said.
The BSE Metals Index gained 3.4 percent and ended as the top sectoral gainer, with firm metal prices in Shanghai and London pushing the metal makers higher.
Hindalco shares gained 4.8 percent on its chairman’s Friday comments that the company planned to spend $2.1 billion in the current financial year.
Though these slabs will put some extra money in taxpayers’ pockets as compared to existing slabs, the original slabs proposed in the first draft of the direct tax code have been diluted.
It was a tough day for real estate counters as the sectoral index dropped more than 3 percent and ended as the top loser among BSE indices.
All but one stock in the index closed in red, with Orbit Corp shares ending down 5 percent as the top loser. Indiabulls Real Estate slipped 3.8 percent.
The BSE Banking index ended down 0.5 percent on Tuesday, with stocks such as Union Bank, Canara Bank and Oriental Bank of Commerce slipping more than 3 percent.
Bigger players like ICICI slipped 0.9 percent but SBI bucked the trend and gained 0.8 percent in the session.
Shares in oil marketing firms like BPCL, HPCL and IOC surged on Monday, helping the BSE Oil & Gas index close marginally in positive.
Shares of such firms rose amid reports that companies have received subsidy from the government to ease selling losses and on expectations that the government may deregulate diesel prices soon.
NEW DELHI (Reuters) – The initial response to IFCI’s infrastructure bonds has been good, a company official said, with additional tax-saving incentive making them an attractive option for investors.
Such bonds, proposed by Finance Minister Pranab Mukherjee in his 2010 budget speech, can help save additional tax under Section 80CCF of the Income Tax Act for an investment of up to 20,000 rupees.
Realty counters posted decent gains in Friday trade, pushing the realty index up 1.8 percent in a weak Mumbai market that closed 53 points lower.
Sobha Developers topped the index with gains of 4 percent, followed by DLF, India’s top listed realty firm, which closed 3.55 percent up. Unitech shares ended 1.5 percent higher.