Money on the markets

A maturing market amid the mayhem

Weak day for banking stocks

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The BSE Banking index ended down 0.6 percent on Friday as the top sectoral loser, with all but one stock in the index ending the day in red.

Top losers included Federal Bank, which slipped 2.3 percent and IDBI, which ended down 1.4 percent. Shares in SBI, India’s top lender, ended down 1 percent.

However, those who have invested in the banking space of late would be happy, as the sectoral index has gained 9.5 percent since July, with stocks such as ICICI gaining 10.4 percent.

Would you take advantage of any fall in this space and buy some banking stocks?

Realty stocks jump, Phoenix Mills gains 6.4 pct

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Thursday proved to be a good day for realty counters with many, including Unitech, posting decent gains.

The star performer in the index was Phoenix Mills, which gained 6.4 percent.

Unitech, one of India’s top listed real estate firms, rose 2.8 percent while rival DLF ended marginally in the green.

Good day for technology counters

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Technology shares rose on Wednesday as Indian firms cheered robust results and guidance from U.S. peer Cognizant Technology Solutions.

Cognizant on Tuesday reported a profit that topped market estimates for the sixth straight quarter, helped by a surge in discretionary projects, and also raised its 2010 revenue outlook.

ICICI Bank shares jump

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Shares in ICICI Bank rose as much as 4.2 percent in trade before closing 3.9 percent up after the lender posted a 17-percent rise in quarterly net profit on Saturday.

India’s top private lender also forecast a 15-percent credit growth in FY 2011 as loan demand from corporate and mortgage borrowers remain strong.

Auto stocks end lower

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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.

Banking index gains

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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.

Oil & gas index dragged lower by RIL

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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.

Fortis Healthcare shares rise

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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.

Infosys shares hit record high

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Shares in Infosys Technologies, India’s second-largest outsourcer, rose as much as nearly 2 percent to a record high of 2,882 rupees on Friday on optimism about quarterly earnings next week.

InfosysThe company unveils its quarterly earnings on June 13. Its earnings are often dubbed as a trendsetter for sectoral peers.

Oil and gas counters slip in trade

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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.

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