Money on the markets
A maturing market amid the mayhem
The BSE IT Index continued its downtrend from yesterdays trade and ended nearly 1 percent lower on Tuesday.
Outsourcers that get most of their revenue from exports were weighed down by the rupee that strengthened to 19-month-high against the dollar on Monday and looked to climb further, which could squeeze profit margins of the companies.
The decline was mainly led by outsourcer major such as Tata Consultancy Services was down 0.98 percent and rivals Infosys Technologies and Wipro dropped 0.8 percent respectively.
Other stocks includes HCL Technologies down 3.7 pct, NIIT down 2.2 pct and Patni Computer System drops 1.5 pct
Shares of Bharti Airtel closed 0.3 percent up on Wednesday in a broader market that ended 0.4 percent higher.
The telecom major hit an intra-day high of over 2 percent before closing.
Bharti Airtel needs to work on getting regulatory clearances for its $9 billion deal to buy 15 African operations of Kuwaiti telecom Zain, and turning around the loss-making assets would be its priority.
Bharti Airtel rose on Monday morning on hopes that the firm is heading towards a smooth landing in its $9 billion deal talks to buy Kuwaiti telecom Zain’s African operations.
Bharti Airtel rose over 2 percent in intra-day trade and finally closed 1.4 percent higher at 316 rupees with volumes of 1.07 million shares.
S Kumars touched an 18-month high on Friday and was the top mid-cap index gainer with volumes as high as 17 million shares.
Shares in S Kumars Nationwide Ltd ended 19.6 percent higher at 64.65 rupees. The company is looking to raise between $100 million to $150 million by listing its subsidiary, Reid & Taylor, in which the company holds nearly 75 percent.
Shares in Strides Arcolab rose over 4 percent on Thursday after Aspen Pharmacare said it would sell its 50 percent stake in global oncology joint ventures to joint owner Strides for $117 million.
Shares in the counter rallied over 5 percent in intra-trade trade before ending 4.2 percent higher at 68.80 rupees with volumes of 28.29 million shares.
Shares of sugar manufacturers, pressured by weak prices, registered a fall of 1-3 percent on Wednesday.
A newspaper reported on its website that sugar prices have declined 22 percent since January and this would not only hurt margins but also the growth prospects.
The BSE Auto Index gained 1.79 percent on Monday in a broader market that ended 0.6 percent higher at 17,102.
The rise in the Auto Index was led by MRF, Hero Honda, M&M and Maruti Suzuki.
Mahindra & Mahindra topped the list of gainers in the sectoral index as well as the main benchmark index, closing 4.3 percent higher at 1122 rupees with volumes of 0.2 million.
Shares in Sulzer India jumped 20 percent for the second day to hit upper circuit at 1,243.65 rupees on hopes Switzerland-based parent Sulzer Ltd would offer a higher price for the 20 percent it does not own and delist the engineering products company.
Suzler India ended with volumes of 0.04 million shares its highest since October 2009.