Money on the markets
A maturing market amid the mayhem
The BSE IT Index soared 2.49 percent in a broader market that closed 0.8 percent higher at 19,502 after U.S. retail sales data boosted optimism over recovery in the world’s largest economy.
Stocks which led the index rise were Oracle Finance (up 5.3 percent), Infosys (up 2.49 percent) and TCS (up 2.1 percent).
Infosys and TCS touched there 52-week high during trade.
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Tata Motors rose to an all-time high on Tuesday, climbing nearly 4 percent on the back of strong investor confidence in a broader market that touched a 32-month high for the third consecutive session.
The scrip opened on a strong note and hit a life-time high of 1,067.50 rupees on the BSE before closing 2.7 percent up at 1054 rupees with volumes of 1.2 million shares.
The BSE Realty Index gained 2.5 percent on Monday, with Unitech and DLF posting good gains in a broader market that closed over 400 points up on strong factory data and global cues.
Unitech was the top gainer in the index, rising 3.5 percent to 84.8 rupees, followed by DLF which gained 3.4 percent.
It was a good trading session for banking counters, with the BSE banking index gaining more than 2 percent and ending as the top sectoral gainer, as fund managers bet the sector would benefit from a booming domestic economy.
Shares in Bank of India gained 5.4 percent to end as the top Bankex gainer, followed by IDBI which gained 4.3 percent.
ACC shares clocked a second day of gains on Wednesday, closing 3 percent up to top the list of Sensex gainers.
On Tuesday, cement manufacturers had closed higher on hopes of better dispatches post monsoon and product price hikes in the near term, dealers had said.
Idea Cellular rose nearly 4 percent after Emirates Telecommunication Corp, the Arab world’s second-largest telecom operator by market value, said it had not ruled out investing in the company.
However, the Abu Dhabi-based operator said that it does not expect a deal with Reliance Communications in 2010.
Reliance Communication is the only major local cellular carrier without a foreign strategic investor in the world’s fastest-growing mobile market.
Shares in Mahindra Satyam ended 10.6 percent higher at 91.40 rupees after gaining over 11 percent in trade on Friday after the outsourcer won a multi-million dollar deal from a large health insurer a day earlier.
Earlier last month, a court in Hyderabad granted bail to the former chairman and founder of outsourcer Satyam Computer Services, subsequently renamed Mahindra Satyam, in a case of accounting fraud that turned out to be India’s biggest corporate scandal.
Metal stocks surged higher as major steelmakers planned to raise
prices this month citing firm global rates and rising input costs,
company officials told Reuters on Thursday.
Steel Authority of India (SAIL) has cut discount by 1,000 rupees a
tonne on flat products while JSW Steel raised prices by 3-4 percent on
higher international prices and input cost.
Shares in Reliance Industries closed 3 percent lower on Tuesday, a day after the company pushed ahead with its diversification plan by acquiring a stake in hotel chain EIH for $217.5 million.
Reliance is already active in petrochemicals, refining, oil and gas, and retail.