Money on the markets
A maturing market amid the mayhem
Shares in Bharti Airtel fell more than 3 percent on Tuesday after the mobile operator and South Africa’s MTN group extended talks (to August 31) aimed at creating the world’s No 3 operator, beating China Mobile and Vodafone.
Bharti Airtel closed at 400.55 rupees and was among the top 20 traded stocks on the BSE, with volumes up to 835.10 million rupees.
The deal is valued at around $23 billion with a complex structure involving share swap and cash. MTN and its shareholders would take 36 percent economic interest in Bharti and the Indian firm would end up with 49 percent of MTN.
The BSE Sensex ended 2.6 percent up on Thursday on good corporate results and robust economic data.
Data released on Thursday showed infrastructure output grew 6.5 percent in June while the Wholesale Price Index fell 1.17 percent in the 12 months to July 11.
The BSE Sensex erased early morning gains of over 2 percent and ended 1.46 percent down on Wednesday as weak sentiments across Asia downplayed investor sentiments.
The 30-share sensitive index swung from an intra-day high of 15,234 to an intra-day low of 14,955 and closed 128 points lower at 15,062.
The BSE Sensex extended gains on Monday to cross the 15,000 mark as hopes of recovery in corporate earnings boosted confidence worldwide.
Selling pressure pulled the BSE Sensex below 14,000 on Wednesday as concerns over global economic recovery spooked financial markets all around.
Trade was volatile and the 30-share sensitive index touched an intra-day low of 13,701 before closing 401 points lower at 13,769. The fifty-share Nifty ended 2.93 percent down at 4,078.
The BSE Sensex ended 0.9 percent up on Tuesday, recovering from yesterday’s biggest one-day drop in six months.
The benchmark turned negative during trade after rising more than 1 percent, as a large budget deficit weighed on investors’ minds. Trade was volatile and the 30-share sensitive index swung from an intra-day low of 14,000 to an intra-day high of 14,252 and closed 127 points higher at 14,170.
The Sensex plunged 5.8 percent on Monday as the higher-than-expected fiscal deficit announced by the government in the Union budget disappointed investors.
The 30-share sensitive index swung from an intra-day high of 15,097 to an intra-day low of 13,959 and closed 870 points lower at 14,043. The fifty-share Nifty ended 5.84 percent down at 4,165.
The BSE Sensex ended 0.69 percent higher on short-covering ahead of the monthly derivatives expiry. Gains were capped by worries about the health of the global economy.
Trade was volatile and the 30-share sensitive index swung from an intra-day low of 14,207 to an intra-day high of 14,479 and closed 98 points higher at 14,422. The fifty-share Nifty ended 1.08 percent up at 4,293.