Money on the markets
A maturing market amid the mayhem
The finance ministry on Saturday said life insurers could sell unit-linked insurance plans without seeking a nod from the Securities and Exchange Board of India (SEBI).
This ends a spat between regulators over the much sought after product. Under the law, such orders issued when parliament is not in session must be confirmed by lawmakers in their next sitting.
The news would come as a relief to insurance firms and people who invest in such products.
SEBI had in April barred 14 life insurance companies from selling ULIPs without its approval. The Insurance Regulatory Development Authority (IRDA) argued SEBI had no authority to do so. After the finance ministry intervened, the two had decided to maintain the status quo.
Metal counters ended the week on a negative note with the sectoral index slipping 1.18 percent, the worst among all sectors.
Sterlite Industries fell 2.3 percent, as Shanghai copper fell more than 1 percent, following a 3.1-percent tumble in London prices.
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.
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.