Money on the markets
A maturing market amid the mayhem
Reliance Industries gained 3.7 percent on Monday, recovering from the recent underperformance.
Shares in India’s top listed firm closed at 998.2 rupees after helping the benchmark index gain more than 200 points. Whenever there is a reversal from a sharp decline, people look at large caps and known names as defensive bets, an expert said. Do you think it is a good time to enter this stock?
The banking index ended 2.9 percent lower on reports pointing to a probe into loans issued by some financial institutions, adding to investor nervousness.
After market hours, the CBI arrested eight top officials from banks and financial firms on charges of taking bribes to grant corporate loans.
Shares in microlender SKS Microfinance rose 5.75 percent to close at 714.45 rupees on Monday.
Shares took a beating on Thursday and fell 20 percent after the lender said the new regulations could squeeze profit and revenue. However, SKS on Friday said its balance sheet was healthy.
The BSE Metals index gained 1.9 percent on Thursday, with stocks like Hindalco and JSW Steel posting top gains.
Hindalco shares closed 4.8 percent higher at 222.35 rupees, JSW Steel gained 3.5 percent. Jindal Steel and Power ended down 1.8 percent as the top sectoral loser.
It was a tough day for those who invest in real estate stocks as the BSE Realty index fell 4.76 percent on Friday, in a Mumbai market that fell more than 400 points.
Sobha Developers was worst hit in the sector, ending down 6 percent. Unitech shares fell 5.9 percent, while DLF slipped 5.46 percent.
Shares in Coal India rose 1.8 percent on Thursday to close at 328.45 rupees.
The company, which is the world’s largest coal miner, may miss the current fiscal year’s 460.5 million tonnes production target, its technical director said on Wednesday.
The government recently raised about 152 billion rupees through the sale of some of its holding in Coal India.
Shares in Larsen & Toubro ended 1.2 percent higher at 2013.15 rupees after the firm announced a good set for Q2 numbers.
The firm topped market estimates with a 32 percent rise in profit on the back of a pickup in orders, and stood by its outlook for 20 percent revenue growth in fiscal 2011.
The BSE Realty Index gained 2.7 percent on Friday and ended as the top sectoral gainer, with stocks such as DLF and Unitech posting smart gains.
DLF, India’s top listed firm, ended 5.2 percent higher at 365.65 rupees, while Unitech gained 3.14 percent. Sobha Developers topped the index with gains of 6.5 percent.