Money on the markets
A maturing market amid the mayhem
Metal counters ended the week on a negative note with the sectoral index slipping 1.18 percent, the worst among all sectors.
Sterlite Industries fell 2.3 percent, as Shanghai copper fell more than 1 percent, following a 3.1-percent tumble in London prices.
Hindustan Zinc was the top sectoral loser with a fall of 3.3 percent. Only two stocks in the index managed to close in the green.
Hindalco and Tata Steel dropped 0.7 percent and 1.6 percent respectively.
The metal index is down more than 2 percent this month, underperforming the Sensex which has gained 3.7 percent.
Shares in engineering and construction company Larsen & Toubro rose more than 3 percent on Thursday on improving outlook in the backdrop of a rapidly expanding economy.
The stock, which also ended as the top Sensex gainer, has gained 9 percent this month.
Shares in state-run trading firm MMTC fell 1,412 rupees to 33,064 rupees, after rallying nearly 21 percent in the previous session.
The stock had jumped to 34,476.60 rupees on Tuesday after the firm said it would consider a bonus issue and stock split on June 29.
Tuesday turned out to be a good day for real estate counters, with the sectoral index rising 2.6 percent, and all but one component closing positive.
Shares in HDIL jumped nearly 5 percent to end as the top gainer in the index. Bigger players like DLF and Unitech rose nearly 3 percent each.
Shares in software services firms rose on Monday on heavy investor interest, helped by global recovery and improving order visibility.
The BSE IT Index jumped 3.7 percent with shares in top firms TCS and Infosys gaining 2.85 percent and 4.3 percent respectively. Infosys also ended as the top Sensex gainer.
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.
Shares in Piramal Healthcare ended 11.8 percent lower at 502 rupees on Friday, after an announcement that pharmaceutical major Abbott will acquire Piramal Healthcare’s pharmaceutical solutions business for $3.72 billion.
Piramal Healthcare on Wednesday had denied reports that the founders were selling a stake in the drug maker, pushing its shares down more than 8 percent.