Money on the markets
A maturing market amid the mayhem
Dr. Reddy’s shares jumped over 10 percent, Orchid Chemicals gained over 9 percent, and Aurobindo Pharma rose over 8 percent.
On a long-term perspective, stocks like Orchid Chemical have risen by over 80 percent since July.
Of the 24 scrips in the healthcare index, only two ended in the red, while 11 stocks rose 5 percent or more.
Leading the pack was Indian Overseas Bank which jumped over 7 percent, and Federal Bank which gained 3.1 percent. Bigger peers like SBI and ICICI ended the day in the red.
On Tuesday, its shares jumped by over 12 percent to 1,577 rupees and closed at their lifetime high.
RIL shares have been on the rise for four consecutive trading sessions now, adding over 12 percent over the period.
SBI’s chairman said that earnings of the bank are seen rising 30-35 percent in the current quarter, with retail loans growing at about twice the pace from the year earlier.
The index was launched on August 24 to track the value of stocks for two years after listing. It currently has 50 stocks and the maximum weighting for a stock is capped at 20 percent.
Amtek Auto was the star performer in the auto index, with its shares surging nearly 16 percent. Its shares have jumped nearly 50 percent since July.
The BSE real estate index jumped 3.8 percent on Friday and emerged as the best sectoral performer of the day as shares of top realty firms rose.
Unitech gained 5.7 percent to end at 99.1 rupees and was the most traded counter on the BSE with volumes of over 31 million shares.