Money on the markets
A maturing market amid the mayhem
Shares in ICICI Bank rose over 5 percent on Friday after the Reserve bank of India left its short-term interest rates unchanged and only hiked banks’ CRR by 75 bps.
The counter ended 5.3 percent higher at 830 rupees with volumes of over 2.5 million shares.
Peer banks such as Canara Bank rose 4.6 percent, Allahabad Bank ended 4.3 percent higher, and SBI closed 2.7 percent up.
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Shares in Tata Steel, the world’s No.8 steelmaker by output, soared over 5 percent in intra-day trade and ended 4.8 percent higher at 585.55 rupees.
The stock, valued at $11.7 billion, nearly trebled last year, easily beating an 81 percent gain on the main index.
The small and medium enterprises (SME) sector, which accounts for almost 45 percent of India’s manufacturing output and 40 percent of its exports, is hoping the Reserve Bank of India (RBI) will keep its key rates unchanged in its policy review on January 29.
Last year had been shaky for the SME sector, but with the course of time and government intervention it regained its foothold in the market.
Shares in Software services firm HCL Technologies dropped on Monday as the company missed forecasts with quarterly profit dragged down a fifth by declining other income, forex losses and higher costs.
The counter ended 5.6 percent lower at 361.15 rupees with volumes of 0.3 million shares.
The BSE Oil & Gas Index ended 2.3 percent higher on Thursday on reports that state-run oil companies may get cash instead of oil bonds as compensation.
Shares in ONGC ended 2.9 percent higher while Hindustan Petroleum rose 1.2 percent. Aban Offshore led the list of losers on the Oil and Gas index with a 1.4 percent drop.