Money on the markets

A maturing market amid the mayhem

Banking index gains

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The BSE banking index closed 2.2 percent higher on Friday despite analysts’ warning that mid-cap lenders could see muted net profit growth in the July-September quarter.

The banking index has risen nearly 100 percent this year.MARKETS-SOUTHASIA/STOCKS

Some of the major gainers on the Bankex were Karnataka Bank (up 8.3 percent), Oriental Bank (up 6.8 percent), Union Bank (up 6.5 percent), SBI (up 5.3 percent), ICICI Bank (up 2.4 percent) and Andhra Bank (up 3.7 percent).

Earlier in the week, UCO Bank, HDFC, HDFC Bank and Axis Bank declared their results.

Shares in HDFC Bank were down 0.3 percent today, while that of Axis Bank ended 0.1 percent lower.

IT space struggles but Satyam soars

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INDIA-SATYAM/NATHShares in Mahindra Satyam closed nearly 8 percent higher on Thursday, bucking the trend as the overall IT space remained weak.

The BSE IT index closed 1.4 percent lower, with stocks such as Infosys and TCS ending down over 1.5 percent. Outsourcers like Infosys which get most of their revenue in dollars, felt the heat as the rupee climbed to a near 13-month high.

Auto Index rises

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Shares of major auto players rose on Wednesday, pulling the BSE Auto Index up 2.2 percent.
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Shares in Mahindra & Mahindra ended 6.1 percent higher at 971 in a market that ended 1.2 percent up. Trade in the counter stood at 0.4 million shares.

Reliance rises on patch-up hopes

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Shares in Reliance Industries ended 3.1 percent higher on Monday in the broader market which closed 2.3 percent up.

The stock reached an intra-day high of over 4 percent before closing at 2167 rupees.BC-ENERGY-INDIA-RELIANCE

Tata Motors’ shares drop 6.6 pct

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Land Rover Freelanders are seen outside the Halewood Jaguar and Land Rover factory in Liverpool, northern England, in this October 27, 2008 file photoTata Motors, India’s largest commercial vehicle maker, ended the week on a disappointing note with its shares registering a drop of 6.6 percent.

The stocks declined 7.4 percent on the NSE.

Tata Motors was the top Sensex loser and also pulled the BSE Auto Index down 1.72 percent, making it the worst sectoral performer of the day.

Telecom shares dives in flat market

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Shares of major telecom players plunged on Thursday, pulling the BSE Technology Index down 2.8 percent.

Bharti Airtel, which has a 3.6 percent weightage on the Sensex, dropped over 6 percent in a market that ended marginally up at 16,843. Trade in the counter stood at 8.1 million shares.INDIA-STOCKS/JUMP

Outsourcers slide on rising rupee

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Shares in top IT firms plunged on concerns the rising rupee would squeeze margins in the export-driven sector.

IT bellwether Infosys dropped 2.5 percent, while Wipro and TCS fell 4.2 and 3.3 percent respectively.

Telecom stocks plunge

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MTN-BHARTI/Telecom stocks were in focus on Tuesday with several of them posting sharp falls, even as the Sensex recovered over 300 points to close nearly 100 points higher.

Market participants are worried that lower tariffs and increasing competition could hurt profitability of such firms. On Monday, Reliance Communications cut call charges across all networks to 50 paise/min.

Bad day at the bourses for Bharti Airtel

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A traffic policeman directs traffic under an advertisement of Bharti Airtel at a booth in Siliguri October 2, 2009. REUTERS/Rupak De Chowdhuri Shares of Bharti Airtel, India’s top mobile operator, slipped 8 percent on Monday and ended as the top Sensex loser.

Bharti shares closed down rupees 34.85 at 400.25 with volumes of over 6 million on the BSE, making it one of the most traded counters.

Bharti gains after deal collapse

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Shares in Bharti Airtel ended 4 percent higher in a broader market which ended flat.

Bharti Airtel, which carries over 4 percent weightage in the 30-share sensitive index, closed at 435 rupees with volumes of 6.8 million.

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