Money on the markets
A maturing market amid the mayhem
NDTV climbing over 14 percent and Anant Raj Industries up 12.1 percent were the top gainers in the mid-cap index on Tuesday.
The mid-cap index has rallied 67 percent in 2009, significantly higher than the 56 percent return of the benchmark Sensex, data from Thomson Reuters shows.
The difference is even larger if we look at figures since April, when the mid-cap index jumped over 80 percent as compared to the Sensex rise of 55 percent.
Top IT companies posted smart gains with Patni Computer leading the sectoral index with a 7 percent rise. Shares of Wipro, TCS and Infosys touched their 52-week highs.
The rupee movement versus the dollar has also been supportive for this industry, which receives significant revenue in foreign currency. The rupee has strengthened to below 48/dollar from near 52/dollar levels in March this year.
The BSE Sensex closed 2.28 percent lower on Friday, extending losses for the week to 3.25 percent.
Leading financial stocks like ICICI Bank and SBI pulled the Banking Index down, which registered a drop of nearly 4 percent – its 4th fall this week.
Shares of Mahindra Satyam rose in an otherwise lacklustre market today, ending 5.41 percent higher at 112.95 rupees.
During market hours on Wednesday, Larsen & Toubro Ltd sought permission from market regulators to sell its stake in outsourcer Mahindra Satyam Ltd, according to a company spokesman.
Shares in Bharti Airtel fell more than 3 percent on Tuesday after the mobile operator and South Africa’s MTN group extended talks (to August 31) aimed at creating the world’s No 3 operator, beating China Mobile and Vodafone.
Bharti Airtel closed at 400.55 rupees and was among the top 20 traded stocks on the BSE, with volumes up to 835.10 million rupees.
Private airline operators had on Friday announced they would suspend operations on August 18 to protest the lack of government relief for the ailing industry.