Money on the markets

A maturing market amid the mayhem

Metal stocks slip

People walk past the Bombay Stock Exchange (BSE) building in Mumbai January 9, 2009. REUTERS/Punit Paranjpe/FilesBSE Metal index dropped 4 percent while the broader index closed down 1.9 percent lower on Monday as investors joined a global sell-off after weak U.S. jobs data and concerns over a potential debt crisis in Hungary hit risk appetite.

Shares of metal manufacturers were trading sharply lower as London copper slumped to near eight-month lows and Shanghai metals hit their downside limit.

Stocks that led the Metal index decline were Bhushan Steel, which ended 3.4 pct lower, JSW Steel down 4.3 percent and Sterlite Industries down 4.2 percent.

Tata Steel ended 4.6 percent lower while SAIL closed 3.8 percent down at 193 rupees.

Mixed luck for realty stocks

It was mixed luck for the realty sector at the markets on Friday, with some counters making good gains and some stalwarts closing in the red.

Puravankara and Parsvnath Developers rose over 7 percent and 4 percent respectively, while Indiabulls Real Estate, Unitech and Ansal Properties closed in the red, capping gains in the sectoral index which closed just 0.4 percent up.

Good day for banking stocks

The BSE Banking index closed 2 percent higher on Thursday while the broader market ended 1.6 pct marginally over the 17,000 mark.

HDFC Bank ended 2.7 pct higher, Axis Bank gained 3.4 pct while SBI shares rose 1.2 pct up.

Reliance Comm surges on report of Etisalat talks

Shares in Reliance Communications jumped 11 percent on Wednesday following a newspaper report that UAE’s Etisalat was in advanced talks to buy a quarter of the Indian firm for 180 billion rupees.
Etisalat confirmed it is looking to buy a stake in an Indian mobile operator.

A stake sale could mean a change in strategy for Reliance Comm owner Anil Ambani, who has made several smaller acquisitions to expand his firm overseas.

Oil and gas index slips 2.5 pct

Shares of oil and gas firms came under pressure on Tuesday because of profit booking, which sent the sectoral index down 2.5 percent.

Energy major Reliance Industries fell more than 3 percent and ended as the top loser in the sector.

Auto stocks gain


Shares in auto companies posted decent gains on Monday on hopes of strong sales in May.

The BSE Auto index closed 1.9 percent higher, with TVS Motors and M&M gaining more than 5 percent each. Shares in Maruti Suzuki gained 1.13 percent.

Amtek India rises on open offer


Shares in Amtek India pared early gains of over 10 percent on Friday to close 3.5 percent up.

The jump followed Amtek Auto Ltd’s announcement that it had bought 26.25 percent stake in group firm Amtek India.

Tata Steel climbs after early losses



Tata Steel’s warning on profit growth saw its shares drop nearly 2 percent in early trade on Thursday, but the counter pared losses lateto close 1.7 percent up.

The company late on Wednesday said that rising raw material costs and the euro zone’s debt crisis could crimp Tata Steel profit growth.

Mahindra gaining focus on Auto front


Mahindra & Mahindra rose over 2.5 percent after the vehicles and tractor maker said on Wednesday it would buy a 55.2 percent stake in Reva Electric Car Company.

Shares in the utility vehicle maker, worth nearly $7.1 billion, pares most of the gaines and ended 0.6 percent higher at 519.45 rupees with volumes of 0.3 million shares.

Bad day for metal stocks


The BSE Metal index dropped 5.1 percent on Tuesday, the lowest among the sectoral indices.

The BSE Sensex also dropped to its lowest in more than three months as renewed fears over Europe’s debt woes triggered worries foreign portfolio investors will step up their withdrawals.