Money on the markets
A maturing market amid the mayhem
Metal stocks felt the heat on Tuesday after surging in the previous session, pulling the BSE Metals Index down 2.57 percent as copper prices dropped in London on euro zone worries.
The longer-term demand outlook in Europe and China also weighed on metal stocks and the sectoral index closed as the worst performer.
The worst hit in the index was Jindal Saw, which fell 4.2 percent. Sterlite Industries fell 2.94 percent while Hindalco ended down 3.2 percent.
Only NALCO managed to close in the green.
The index has lost 4.5 percent since mid-March. Would you take advantage of this fall to gain exposure to these stocks?
Shares in Cipla fell more than 6 percent on Monday to close at 319 rupees, even as the BSE Sensex surged 561 points.
Shares of the drugmaker tumbled as its March quarter net profit, announced on Friday, were below estimates.
Shares of healthcare companies traded firm on Thursday, helping push the sectoral index up 1.4 percent to the top of the gainers’ list.
Ranbaxy Labs gained 3.3 percent and ended as the top gainer in the healthcare index. Cipla and Sun Pharma were also among the shares that clocked decent rises.
Shares in Bharti Airtel, India’s top mobile operator, gained 2.6 percent on Wednesday and ended the top gainer among Sensex components, even as the benchmark closed weak near its 2-month low.
Its shares had declined 2.9 percent over the two earlier sessions.
Rival firm Reliance Communications’ shares however ended weak after losing 1.05 percent. Idea Cellular closed marginally in red.
Shares in Reliance Natural slipped 7.55 percent on Tuesday and ended as the top loser in the BSE Oil & Gas index. The benchmark index dropped nearly 250 points.
The Supreme Court is expected to rule by next week on a long and high-profile gas pricing dispute between the Ambani brothers.
Metal companies fared badly at the bourses on Monday, causing the BSE Metal Index to drop nearly 2 percent.
Iron ore firm Sesa Goa ended as the top loser in the index, dropping more than 6 percent to 401.55 rupees. Gujarat NRE Coke shares slipped 4.3 percent.
Various banking stocks were under pressure on Monday on concerns the Reserve Bank of India (RBI) would further hike interest rates.
The Bankex closed down 0.84 percent with 12 of 17 components in red.
Allahabad Bank and Bank of Baroda were the worst performers in the index, losing over 3 percent. Bigger players like ICICI Bank dropped 1.2 percent while SBI slipped 0.7 percent in trade.
It was not the perfect weekend for investors of unit-linked insurance products (ULIP) after market regulator SEBI barred 14 insurance firms from issuing or promoting such plans, which are a favourite among investors.
But Finance Minister Pranab Mukherjee said on Monday SEBI and insurance regulator IRDA have agreed to maintain status quo on ULIPs and also jointly seek a binding legal mandate from an appropriate board.
The BSE Oil & Gas index ended as the worst sectoral performer on Thursday, posting losses of 1.8 percent, as the Sensex slumped 255 points on increased expectations of a rate hike.
Reliance Industries and Cairn India dropped over 2 percent each and were the top losers in the index. ONGC slipped 1.97 percent.
Shares in Reliance Industries, India’s top listed firm, gained nearly 3 percent on Monday to 1125 rupees, boosting the BSE Oil & Gas Index over 2 percent.
The energy major was also the top contributor to the Sensex’s surge of nearly 250 points to its 25-month closing high.