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A maturing market amid the mayhem
The BSE Auto Index fell 1.4 percent and was the top sectoral loser, with stocks like Hero Honda and Tata Motors slipping.
Hero Honda shed nearly 3 percent after it posted a 1.6-percent drop in quarterly net profit. JPMorgan cut its share price target for the stock.
Tata Motors ended down 2.2 percent while Ashok Leyland ended down 1.5 percent.
M&M was among stocks that closed in the green, closing 2.7 percent higher.
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The BSE Banking index rose nearly 1 percent on Thursday as banks shrugged off rising trend in rates and climbed on hopes robust economic growth will boost demand for loans.
Federal Bank shares gained 2.6 percent and ended as the top gainer in the index, followed by Bank of Baroda which gained 2.5 percent.
The BSE Oil & Gas Index closed as the top sectoral loser on Wednesday, falling 1.92 percent mainly on losses in Reliance Industries which saw brokerage downgrades.
Shares of Reliance Industries fell 3 percent after brokerages such as Edelweiss, Motilal Oswal and IIFL downgraded the firm saying the company would take longer to increase gas production at the KG-D6 block.
It was a good day for rate-sensitive sectors like banking, autos and realty as they shrugged off a hike in interest rates by the Reserve Bank of India.
The BSE Auto Index gained 2.4 percent and closed as top sectoral gainer, followed by realty which gained 1.5 percent. The Bankex ended 0.7 percent higher.
Shares in Fortis Healthcare rose nearly 3 percent on Monday after Fortis said it is accepting Khazanah’s offer for Parkway.
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Fortis made S$116.7 million profit on its stake and will look for other opportunities in the region. The company’s chief financial officer also said that Fortis will be debt-free following the sale of its stake in Parkaway Holdings.
Profit sales saw Wipro shares end 0.8 percent lower on Friday after the firm reported a forecast-beating, 31-percent rise in quarterly profit.
The firm said it was seeing strong business environment, which helped pull up sectoral stocks early in the day. The stock had risen as much as 4.2 percent in trade.
Shares in Dr Reddy’s dropped 1.6 percent on Thursday despite the drugmaker reporting a 7.5 percent rise in profit for the June quarter.
Net profit was at 2.44 billion rupees ($52 million), up from 2.27 billion rupees a year earlier, according to a posting on the National Stock Exchange.
India’s No 3 two-wheeler maker, TVS Motor Co, reported a surge in April-June profit riding booming sales on higher demand for motorcycles, and announced a bonus issue of shares, sending its shares soaring.
The counter rose over 10 percent in intra-day trade but pared most of its gains and ended 5.7 percent higher at 128.55 rupees with volumes of 10.5 million shares on the BSE.