Money on the markets
A maturing market amid the mayhem
The BSE Banking index gained more than 2 percent on Tuesday as the overall market ended firm after gaining over 250 points.
HDFC Bank shares rose more than 3 percent and ended as the top gainer in the index, followed by SBI which gained over 2.5 percent.
Do you think the sector will rally further?
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Shares in Larsen & Toubro fell 2.2 percent on Wednesday as the overall market remained weak and ended down over 150 points.
RBS on Friday raised its rating on Larsen & Toubro to “buy” from “hold”, calling it the “best play on the broad-based longer-term capex story”. It also raised the price target on the stock to 1,854 rupees from 1,800 earlier.
It was a weak day of trade for banking counters as the BSE Bankex ended down 2.85 percent.
All stocks in the index ended in red, with Canara Bank ending as the top loser with losses of over 4 percent. Top banks like ICICI dropped 3.6 percent while SBI slipped nearly 3 percent.
Auto stocks struggled in trade on Wednesday, with stocks like Tata Motors falling more than 3 percent.
Shares of automobile companies are struggling on worries that high fuel prices may slow down demand for vehicles in India, the world’s
second-fastest growing auto market.
Shares in India’s largest lender SBI fell 7.7 percent to 2413.6 rupees and ended as the top loser in BSE Banking index and Sensex.
Shares fell after the bank posted an unexpected plunge in net profit for Q4, slammed by higher provisions, operating costs and taxes.
The BSE Oil & Gas index slipped 1 percent in trade on Monday, with stocks like ONGC falling 2.3 percent. ONGC ended as the top loser in the index.
Shares of oil marketing firms like BPCL, HPCL and IOC ended in the green. Shares of these firms were in the green in early trade, but ended the day in red.
The BSE Realty index fell nearly 3 percent on Thursday as the overall market remained weak and the benchmark ended down for the 9th consecutive session.
Anant Raj Industries was the top loser in the index, dropping more than 4 percent. Unitech slipped 3.4 percent in trade. Phoenix Mills shares gained nearly 1 percent to end as the top gainer in the index.