Money on the markets
A maturing market amid the mayhem
Shares in engineering and construction company Larsen & Toubro rose more than 3 percent on Thursday on improving outlook in the backdrop of a rapidly expanding economy.
The stock, which also ended as the top Sensex gainer, has gained 9 percent this month.
India’s economy grew at its fastest pace in six months in the March quarter on the back of government and consumer spending.
Last month, the company had declared better-than-expected quarterly numbers and said it expected 20 percent revenue growth in the current fiscal year.
Shares in state-run trading firm MMTC fell 1,412 rupees to 33,064 rupees, after rallying nearly 21 percent in the previous session.
The stock had jumped to 34,476.60 rupees on Tuesday after the firm said it would consider a bonus issue and stock split on June 29.
Tuesday turned out to be a good day for real estate counters, with the sectoral index rising 2.6 percent, and all but one component closing positive.
Shares in HDIL jumped nearly 5 percent to end as the top gainer in the index. Bigger players like DLF and Unitech rose nearly 3 percent each.
Shares in software services firms rose on Monday on heavy investor interest, helped by global recovery and improving order visibility.
The BSE IT Index jumped 3.7 percent with shares in top firms TCS and Infosys gaining 2.85 percent and 4.3 percent respectively. Infosys also ended as the top Sensex gainer.
UK bank Standard Chartered’s Indian depositary receipts traded near their offer price on Friday in their debut but below their equivalent London close.
The IDRs opened at 105 rupees, rose as much as 2.9 percent to 108 rupees but also slipped to as low as 100.60 rupees in early deals, before closing at 103.05 rupees.
Shares in Bharti Airtel rose over 6 percent in trade after the telecoms major closed its $9 billion acquisition of Zain’s Africa operations.
Bharti Airtel, which is now the world’s fifth-biggest mobile carrier by subscriber base following the deal, ended 5.5 percent higher in a broader market that saw a marginal rise of 0.2 percent.
The BSE Banking Index fell 1.1 percent on Tuesday in a broader market that slipped nearly 1 percent on worries over the euro zone debt crisis.
Financials also reacted to RBI Deputy Governor Subir Gokarn’s comment that the central bank would continue tightening monetary policy at a steady pace.
BSE Metal index dropped 4 percent while the broader index closed down 1.9 percent lower on Monday as investors joined a global sell-off after weak U.S. jobs data and concerns over a potential debt crisis in Hungary hit risk appetite.
Shares of metal manufacturers were trading sharply lower as London copper slumped to near eight-month lows and Shanghai metals hit their downside limit.
It was mixed luck for the realty sector at the markets on Friday, with some counters making good gains and some stalwarts closing in the red.
Puravankara and Parsvnath Developers rose over 7 percent and 4 percent respectively, while Indiabulls Real Estate, Unitech and Ansal Properties closed in the red, capping gains in the sectoral index which closed just 0.4 percent up.