Money on the markets
A maturing market amid the mayhem
The BSE banking index fell 0.55 percent on Tuesday after gaining 3.7 percent over the last four sessions.
Shares in HDFC Bank slipped 3 percent in trade and ended as the top Sensex loser.
The benchmark Sensex too ended a four-session rally, closing 121 points lower at 17590.
The other prominent losers were Axis Bank, which slipped 2.2 percent, and SBI which ended 0.6 percent lower.
Hurt by an appreciating rupee, the BSE IT index slipped 1.7 percent on Monday and ended as the worst sectoral performer among indices. The benchmark Sensex however ended 66 points higher on hopes of good earnings.
Top sectoral losers NIIT and Mphasis ended down 3.7 percent and nearly 3 percent respectively.
It was a good day at the bourses with over 95 BSE stocks touching their 52-week high on Friday.
Some stalwarts that made it to the list included HDFC Bank, Tata Steel, Hindalco and PNB.
Shares in Hero Honda gained more than 4 percent on Thursday as markets ended firm with the Sensex rising by 107 points.
BSE Auto index rose 0.46 percent.
Amtek Auto climbed 1.4 percent whereas Ashok Leyland gained nearly 1 percent.
Among losers, Tata Motors’ stock had a weak trading session and ended down 1.87 percent. Maruti Suzuki slipped 1.47 percent.
It was a mixed day of trade for banking stocks on the bourses on Tuesday as the sectoral index closed marginally higher, but stocks like HDFC Bank gained over 2 percent and PNB jumped 1.9 percent.
Of the 17 stocks in the index, 11 closed in green, led by HDFC Bank. Kotak Mahindra Bank was the worst index performer, as it ended with losses of 2.1 percent.
Bharti Airtel rose on Monday morning on hopes that the firm is heading towards a smooth landing in its $9 billion deal talks to buy Kuwaiti telecom Zain’s African operations.
Bharti Airtel rose over 2 percent in intra-day trade and finally closed 1.4 percent higher at 316 rupees with volumes of 1.07 million shares.
S Kumars touched an 18-month high on Friday and was the top mid-cap index gainer with volumes as high as 17 million shares.
Shares in S Kumars Nationwide Ltd ended 19.6 percent higher at 64.65 rupees. The company is looking to raise between $100 million to $150 million by listing its subsidiary, Reid & Taylor, in which the company holds nearly 75 percent.
Shares in Strides Arcolab rose over 4 percent on Thursday after Aspen Pharmacare said it would sell its 50 percent stake in global oncology joint ventures to joint owner Strides for $117 million.
Shares in the counter rallied over 5 percent in intra-trade trade before ending 4.2 percent higher at 68.80 rupees with volumes of 28.29 million shares.
from India Insight:
(UPDATE: Reliance Industries has gained an overseas foothold by agreeing to pay $1.7 billion to form a joint venture with U.S.-based Atlas Energy. India's largest-listed firm will pick up a 40 percent stake in Atlas's operations in the booming Marcellus Shale)
The ruthless efficiency and smooth execution that marked Reliance Industries' development of the world’s largest refining complex in western India and its vast gas fields off the country's east coast has eluded the top-listed Indian firm during its recent attempts at overseas takeovers.
Shares of sugar manufacturers, pressured by weak prices, registered a fall of 1-3 percent on Wednesday.
A newspaper reported on its website that sugar prices have declined 22 percent since January and this would not only hurt margins but also the growth prospects.