Money on the markets
A maturing market amid the mayhem
IT stocks posted smart gains on Wednesday as IT cos’ stocks gained on expectations of strong quarterly earnings.
Oracle Financial Services Software ended 4.6 percent higher as the top gainer in the index.
Infosys Technologies, which will unveil its results on Friday, gained 2.5 percent. Tata Consultancy Services and Wipro gained 4.6 percent and 4.5 percent respectively.
Top IT services firms are set to ring in robust quarterly profits aided by strong demand from western clients, but a rising rupee is seen crimping profit margins in the second half.
It was a tough day for investors in realty stocks, as the sectoral index slipped 1.8 percent and ended as the top loser among indices.
Anant Raj Industries led the losers, ending down 3 percent. Top listed firms like Unitech and DLF followed, slipping 2.5 and 2 percent respectively.
Shares of detergent maker Nirma Ltd jumped 18 percent after the company said its board had approved a proposal by the promoters to acquire all outstanding shares of the company at 235 rupees per share and delist from the BSE and the NSE.
The counter rose to 264.85 rupees, its highest in 32 months before closing 7.1 percent higher at 240 rupees on the BSE with volumes of over 1 million shares.
Shares in SKS Microfinance fell 5.6 percent in trade today to close at 1228.25 rupees.
The microlender fired its chief executive Suresh Gurumani 18 months into the job and replaced him with his deputy on Monday. The shares had closed down nearly 6 percent on Monday.
from India Insight:
It's widely acknowledged that cricket is something of a religion in India but could it be a market-mover too?
According to research by two Australian economists, India's performance in one-day cricket matches can have a significant impact on the fortunes of the country's stock market, the Indian Express reports.
Banking index dropped marginally on Tuesday as traders booked profits after hawkish comments on inflation by a Reserve Bank deputy governor.
The Reserve Bank of India (RBI) is considering measures to deal with an influx of foreign fund flows, Subir Gokarn said, adding that inflation persists well above the Reserve Bank’s comfort zone.
Shares in lender SKS Microfinance fell nearly 9 percent in trade on Monday after the firm said it had terminated the appointment of its chief executive.
The stock ended 5.8 percent lower.
SKS, India’s largest microlender that raised about $358 million in an IPO in August, said in a notice it had withdrawn all powers granted to Suresh Gurumani, MD and CEO, with immediate effect, without giving any reason.