Money on the markets

A maturing market amid the mayhem

Mutual fund investors rewarded for patience

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A man speaks on a phone as he looks at a large screen displaying India's benchmark share index on the facade of the Bombay Stock Exchange (BSE) building in Mumbai May 18, 2009. REUTERS/Punit ParanjpeEquity fund investors had a lot to cheer about in the last seven months.

Stock market enthusiasts had almost given up hope after losing an average 52 percent in 2008, when the benchmark Sensex recorded its first annual fall after six years of gains. But a rally since the start of March has bought the smiles back.

By September 30, as many as 10 equity funds more than doubled their net asset values as fund managers bought into the global panic, data from global fund tracker Lipper, a Thomson Reuters company, showed. During the same period 145 Indian equity funds outperformed the 30-share Sensex, which returned 73 percent.

Domestic tax saving funds, which manage nearly 200 billion rupees ($4.3 billion dollars), also rose with the tide. The nation’s largest such fund, SBI Magnum Tax Gain, surged 83 percent.

Tax funds provide investors with an avenue to save up to 33,000 rupees in Income Tax, although the invested amount remains locked in for a period of three years.

M&M stock rises in weak market

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AUTO INDIA MAHINDRAShares in Mahindra & Mahindra rose nearly 4 percent to 928 rupees and ended as the top Sensex gainer, even as the benchmark index dropped over 200 points.

The company reported its quarterly numbers on Wednesday and said net profit nearly trebled, helped by cost cuts and strong sales.

Banking index drops after RBI move

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The BSE banking index slid more than 1.8 percent on concerns bank profits would be hit after the RBI raised the provision ratio for bad debts on Tuesday.INDIA-STOCKS/6PCT

The RBI on Tuesday asked banks to increase the minimum provision ratio for bad debts to 70 percent from 10 percent by September 2010.

Realty index dives

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The BSE Realty Index slid nearly 8 percent to a two-month low on Tuesday after the Reserve Bank of India (RBI) withdraws some liquidity measures.

The BSE Realty Index ended 6.2 pct down, with the main losers being Puravankara (down 9.9 percent), Omaxe (down 9.6 percent), HDIL (down 8.6 percent) and Unitech (down 7.6 percent).INDIA-ECONOMY/

RBI Policy Review

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Reuters India brings to you breaking news on the Reserve Bank of India’s quarterly policy review.

Punj Lloyd dives

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Shares in Punj Lloyd shed over 16 percent on Monday after the engineering and construction firm reported September quarter net profit fell 63 percent to 0.53 billion rupees from 1.44 billion in the same period a year ago.
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The stock ended 16.47 percent down at 217 rupees in a broader market which closed 0.4 percent lower.

It was among the top traded stocks on the BSE with volumes of over 6 million, its highest since May 21, 2009.

FMCG stocks outperform market

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INDIA-BUDGETThe BSE FMCG index gained over 3 percent on Friday and ended as the top sectoral performer, even as the markets closed just 21 points up.

All stocks in the index, except Marico, closed in the green, led by Dabur India which rose 5.8 percent and ITC which gained nearly 5 percent.

Infosys shines in weak market

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Engineers work in the control room at Infosys Technologies campus at Electronics City in Bangalore January 20, 2003. REUTERS/Pawel KopczynskiShares in Infosys gained over 2.1 percent on Thursday in a broader market that slipped over 200 points.

Gains in Infosys helped the BSE IT index close 0.8 percent higher. Eleven of 16 stocks in the IT index however closed in the red.

Banking index drops

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The BSE banking index dropped 1.2 percent on Wednesday in a broader market which ended flat.

The benchmark 30-share SenseMARKETS-SOUTHASIA/STOCKSx has more than doubled from the lows in early March, registering a rise of more than 78 percent with foreign funds infusing nearly $14 billion in Indian equities.

Weak day for oil & gas stocks

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RELIANCE-OIL/The BSE Oil & Gas index dropped 1.7 percent on Tuesday, ending as the top sectoral loser of the day as shares of Reliance Industries and ONGC slipped.

Essar Oil was the top loser in the index, closing down 4 percent. ONGC too came under pressure and slipped 2.4 percent.

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