Money on the markets
A maturing market amid the mayhem
The BSE Metal index gained over 4 percent on Wednesday and topped the sectoral indices as the benchmark stock index ended up over 500 points.
Shares in Hindalco rose 7.7 percent and Gujarat NRE Coke added nearly 6 percent to end as top gainers in the index. Sterlite Industries gained 5 percent.
All the metal index components ended with decent gains with stocks such as Hindalco and Sterlite also ending among top Sensex gainers.
The metal index has gained 5.3 percent this week, even higher than the benchmark Sensex’s return of 3 percent.
BSE Banking Index ended 1.16 percent higher on Tuesday powered by gains in India’s top private lender, ICICI Bank which contributed most of the rise.
Shares in ICICI Bank, (up 1.9 percent), SBI, (up 0.9 percent), Yes Bank, (up 4.3 percent), Kotak Mahindra Bank, (up 2.04 percent) and Axis Bank, (up 1.34 percent).
Shares in Reliance Industries, India’s top listed firm, dropped over 2 percent on Friday and ended as the top loser among Sensex components.
Losses in Reliance contributed the most in dragging the benchmark lower by 174 points. The energy major’s shares have slipped nearly 5.5 percent over the week.
Market participants will soon have to reschedule their morning routine as Indian bourses — the BSE and NSE — are set to extend their daily trading time by 55 minutes from January 4, 2010.
The markets will now open at 9 am and close at their normal closing time of 3:30 pm, but the question is — who would actually benefit with this move? Is it becoming more a battle between the two exchanges to win market share?
Shares in Orchid Chemicals hit a 52-week high in early trades on the sale of its key generic injectable business but ended 10.35 percent lower at 197.85 rupees on Wednesday after growth concerns sparked a sell-off.
Orchid Chemicals remained one of the top traded stocks on BSE ending with a volume of over 9.5 million shares.
Realty stocks posted smart gains on Tuesday with the realty index gaining 3.2 percent and ending as the top sectoral performer.
The Sensex ended nearly 250 points higher at 17,228.
Ansal Properties was the star performer among realty index stocks with a jump of over 12 percent, followed by Parsvnath which gained a bit over 7 percent.