Money on the markets
A maturing market amid the mayhem
The BSE Auto Index fell 1.4 percent and was the top sectoral loser, with stocks like Hero Honda and Tata Motors slipping.
Hero Honda shed nearly 3 percent after it posted a 1.6-percent drop in quarterly net profit. JPMorgan cut its share price target for the stock.
Tata Motors ended down 2.2 percent while Ashok Leyland ended down 1.5 percent.
M&M was among stocks that closed in the green, closing 2.7 percent higher.
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The BSE Banking index rose nearly 1 percent on Thursday as banks shrugged off rising trend in rates and climbed on hopes robust economic growth will boost demand for loans.
Federal Bank shares gained 2.6 percent and ended as the top gainer in the index, followed by Bank of Baroda which gained 2.5 percent.
The BSE Oil & Gas Index closed as the top sectoral loser on Wednesday, falling 1.92 percent mainly on losses in Reliance Industries which saw brokerage downgrades.
Shares of Reliance Industries fell 3 percent after brokerages such as Edelweiss, Motilal Oswal and IIFL downgraded the firm saying the company would take longer to increase gas production at the KG-D6 block.
Shares in Fortis Healthcare rose nearly 3 percent on Monday after Fortis said it is accepting Khazanah’s offer for Parkway.
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Fortis made S$116.7 million profit on its stake and will look for other opportunities in the region. The company’s chief financial officer also said that Fortis will be debt-free following the sale of its stake in Parkaway Holdings.
It was a weak day of trade for energy counters which saw the BSE Oil & Gas Index topping the list of sectoral losers with a 1.7 percent fall.
Weighing on the sectoral index and the Sensex was Reliance Industries which fell 1.8 percent to 1052 rupees.
The BSE Oil & Gas index ended 0.8 percent lower on Monday with all but one of its constituent stocks closing in the red.
The big mover of the day was Reliance Natural, which dropped 27.2 percent after a deal to fold into sister firm Reliance Power valued the company at a steep discount to its market capitalisation on Friday.
India’s benchmark stock index did reasonably well in the first half of 2010 as compared to its emerging market peers. The Sensex gained 1.4 percent during the period, and outperformed China’s Shanghai Composite Index and Brazil’s Bovespa which declined 9.6 percent and 26.8 percent respectively.
Shares in Reliance Industries, India’s top listed firm which has the heaviest weight in the index, barely changed during the period, but a Supreme Court ruling on a gas dispute and Ambani brothers reconciliation kept the company in focus.
Shares in cigarette-to-hotel business chain ITC rose 2.6 percent on Wednesday to top the list of Sensex gainers on better earnings expectations.
The stock, which closed at 304.75 rupees, was among the big gainers on the BSE FMCG Index which topped the sectoral list with a rise of 1.9 percent.