Money on the markets
A maturing market amid the mayhem
The BSE Oil & Gas Index dropped 3.4 percent on Friday in a broader market that fell 2.7 percent to its lowest close in three months.
Reliance Industries led the Oil & Gas Index fall with a 3.7 percent drop.
According to CNBC TV18’s business channel, the energy major has submitted a $2 billion expression of interest for private Canadian firm Value Creation Inc, which holds oil sands assets. Reliance fell to 981.30 rupees, its lowest close in three months.
The Oil and Gas Index has posted a near 10 percent fall since January this year and stocks like Reliance Industries and ONGC have dropped over 9 percent and 7 percent respectively?
Do you think these stocks will gain in the near future?
The BSE metal index rallied over 4 percent on Wednesday, with JSW Steel topping the index with gains of over 8 percent. The BSE Sensex jumped over 300 points to 16,496.
Sterlite Industries gained nearly 6 percent and Hindalco ended up 3.3 percent, buoyed by a rise in base metal prices. Tata Steel shares gained 4. 9 percent.
Realty stocks fared poorly on Tuesday with the sectoral index slipping nearly 2.5 percent in an overall market that dropped nearly 200 points.
Anant Raj Industries ended as the top sectoral loser with losses of over 5 percent. Unitech followed closely with a drop of 4.3 percent. Shares in DLF, India’s top listed realty firm shed 2 percent.
Shares in Titan Industries rose to a lifetime high on Monday. The company announced its quarterly results on January 30 with a net profit of 754.3 million rupees, up nearly 500 percent from a year ago.
Its shares ended 13.6 percent higher at 1,703 rupees with volumes of 0.14 million shares. BSE Consumer Durable Index ended 5.7 percent higher.
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 BSE Capital goods index witnessed a sharp drop over 5 percent on Thursday as top stocks like Larsen & Toubro (L&T) slumped 6.8 percent after results.
Shares in L&T, which announced its quarterly numbers, closed at 1524 rupees after losing 112 rupees after it reported its quarterly sales dropped 6.1 percent. It also ended as the top Sensex loser.
Shares in Bharti Airtel, India’s leading telecom firm, gained 3 .4 percent on Wednesday and ended as the top Sensex gainer, even as the overall Mumbai market closed weak.
Other players like Reliance Communications and Idea Cellular managed to close in green as well.