Money on the markets
A maturing market amid the mayhem
BSE 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.
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.
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.
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 & 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.
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.