Money on the markets

A maturing market amid the mayhem

Bad day for realty, Unitech falls over 5 pct

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Shares in Unitech, one of India’s leading realty firms, dropped over 5 percent on Thursday as the broader market ended down over 150 points.

Only three stocks in the realty index closed in the green, with Parsvanath and Unitech ending as top losers with an over 5 percent fall each.

Top listed realty firm DLF was also under pressure and fell 3.4 percent. Both DLF and Unitech were among top traded counters on BSE.

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Metal stocks rally

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It was a good day at the bourses for metal stocks, with the BSE Metal Index gaining 4.2 percent in a broader market that jumped over 400 points.

All stocks in the metal index closed in the green, with Gujarat NRE Coke and Sesa Goa leading the pack with gains of over 7 percent each.

Bharti Airtel struggles in trade

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INDIA-BHARTI/AIRTELShares in Bharti Airtel, India’s top mobile operator, dropped over 4 percent on Tuesday as a bleak outlook for the sector hit telecom shares.

Losses in Bharti, the top Sensex loser, also weighed on the Sensex which closed down around 60 points.

RIL shares jump over 3 percent

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Shares in Reliance Industries (RIL) gained 3.4 percent on Monday on a newspaper report that the country’s top listed firm was in acquisition talks overseas.

The Economic Times said the company was close to a nearly $6 billion acquisition and the likely target was the assets of petrochemicals firm LyondellBasell.

Banking Index gains

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The BSE Sensex posts its first weekly gain in three weeks helped by India’s top lender SBI and Sensex heavyweight ICICI Bank.
MARKETS-SOUTHASIA/STOCKS
Shares in SBI ended 3 percent higher at 2204 rupees posting its biggest rise in three weeks, while ICICI Bank which holds over 7 percent weightage in the 30-share Sensitive index ended 0.48 percent to 848 rupees.

The BSE Banking Index ended 1.7 percent higher on Friday while for the year it has gained over 70 percent.

Patni computer rises

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Shares in Patni Computer ended 8.2 percent higher at 494 rupees in a broader market which ended nearly 1 percent up.

INDIA

Shares in the company rose on a newspaper report that L&T Infotech is in talks to acquire majority stake in the company.

DLF, Unitech shares bounce back

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Shares in Unitech, India’s leading real estate firm, gained over 10 percent on NSE after its shares suffered major losses on Tuesday as markets dropped sharply.

The 50-share Nifty index gained over 3 percent on Wednesday to close above the 4,700 mark led by gains in stocks like Reliance Industries, ICICI and Infosys.

Realty stocks slump

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The BSE Realty Index lost 9.8 percent on Tuesday in a broader market that slipped nearly 500 points on the first trading day of November.

Realty majors Unitech and DLF ended the day with losses of over 9 percent each. DLF shares have dropped more than 30 percent since October.

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