Money on the markets
A maturing market amid the mayhem
The BSE Auto Index gained 1.27 percent on Friday, as a top industry body official said he expected Indian vehicles sales to reach a record high for the second year in a row in 2010/11.
Shares in Tata Motors rose 4.5 percent to 808 rupees and ended as the top gainer among the Sensex and auto index components.
Other stocks also posted decent gains, with TVS Motors rising 3.1 percent and Hero Honda jumping 2 percent.
Only two stocks in the index closed in the red – Escorts and Maruti Suzuki, which dropped 2.4 percent and 0.14 percent respectively.
The BSE Oil & Gas index ended as the worst sectoral performer on Thursday, posting losses of 1.8 percent, as the Sensex slumped 255 points on increased expectations of a rate hike.
Reliance Industries and Cairn India dropped over 2 percent each and were the top losers in the index. ONGC slipped 1.97 percent.
The BSE IT Index continued its downtrend from yesterdays trade and ended nearly 1 percent lower on Tuesday.
Outsourcers that get most of their revenue from exports were weighed down by the rupee that strengthened to 19-month-high against the dollar on Monday and looked to climb further, which could squeeze profit margins of the companies.
Shares in Reliance Industries, India’s top listed firm, gained nearly 3 percent on Monday to 1125 rupees, boosting the BSE Oil & Gas Index over 2 percent.
The energy major was also the top contributor to the Sensex’s surge of nearly 250 points to its 25-month closing high.
The BSE Small-cap Index outperformed all other sectoral indices on Thursday, rising 2.4 percent in a firm market that ended nearly one percent up.
Of the 481 stocks in the small-cap index, 15 gained 10 percent or more, of which two jumped nearly 20 percent.
Shares of Bharti Airtel closed 0.3 percent up on Wednesday in a broader market that ended 0.4 percent higher.
The telecom major hit an intra-day high of over 2 percent before closing.
Bharti Airtel needs to work on getting regulatory clearances for its $9 billion deal to buy 15 African operations of Kuwaiti telecom Zain, and turning around the loss-making assets would be its priority.
The BSE banking index fell 0.55 percent on Tuesday after gaining 3.7 percent over the last four sessions.
Shares in HDFC Bank slipped 3 percent in trade and ended as the top Sensex loser.
Hurt by an appreciating rupee, the BSE IT index slipped 1.7 percent on Monday and ended as the worst sectoral performer among indices. The benchmark Sensex however ended 66 points higher on hopes of good earnings.
Top sectoral losers NIIT and Mphasis ended down 3.7 percent and nearly 3 percent respectively.
It was a good day at the bourses with over 95 BSE stocks touching their 52-week high on Friday.
Some stalwarts that made it to the list included HDFC Bank, Tata Steel, Hindalco and PNB.
Shares in Hero Honda gained more than 4 percent on Thursday as markets ended firm with the Sensex rising by 107 points.
BSE Auto index rose 0.46 percent.
Amtek Auto climbed 1.4 percent whereas Ashok Leyland gained nearly 1 percent.
Among losers, Tata Motors’ stock had a weak trading session and ended down 1.87 percent. Maruti Suzuki slipped 1.47 percent.