Money on the markets

A maturing market amid the mayhem

Realty stocks slump

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The BSE Realty Index lost 9.8 percent on Tuesday in a broader market that slipped nearly 500 points on the first trading day of November.

Realty majors Unitech and DLF ended the day with losses of over 9 percent each. DLF shares have dropped more than 30 percent since October.

Indiabulls Real Estate and Sobha Developers fell 16 percent and 10.5 percent respectively.

The sector took a hit after the Reserve Bank of India raised bank provisioning requirements for commercial real estate loans in its quarterly policy review on Oct. 27.

Mutual fund investors rewarded for patience

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A man speaks on a phone as he looks at a large screen displaying India's benchmark share index on the facade of the Bombay Stock Exchange (BSE) building in Mumbai May 18, 2009. REUTERS/Punit ParanjpeEquity fund investors had a lot to cheer about in the last seven months.

Stock market enthusiasts had almost given up hope after losing an average 52 percent in 2008, when the benchmark Sensex recorded its first annual fall after six years of gains. But a rally since the start of March has bought the smiles back.

By September 30, as many as 10 equity funds more than doubled their net asset values as fund managers bought into the global panic, data from global fund tracker Lipper, a Thomson Reuters company, showed. During the same period 145 Indian equity funds outperformed the 30-share Sensex, which returned 73 percent.

Realty index dives

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The BSE Realty Index slid nearly 8 percent to a two-month low on Tuesday after the Reserve Bank of India (RBI) withdraws some liquidity measures.

The BSE Realty Index ended 6.2 pct down, with the main losers being Puravankara (down 9.9 percent), Omaxe (down 9.6 percent), HDIL (down 8.6 percent) and Unitech (down 7.6 percent).INDIA-ECONOMY/

Punj Lloyd dives

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Shares in Punj Lloyd shed over 16 percent on Monday after the engineering and construction firm reported September quarter net profit fell 63 percent to 0.53 billion rupees from 1.44 billion in the same period a year ago.
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The stock ended 16.47 percent down at 217 rupees in a broader market which closed 0.4 percent lower.

It was among the top traded stocks on the BSE with volumes of over 6 million, its highest since May 21, 2009.

Banking index drops

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The BSE banking index dropped 1.2 percent on Wednesday in a broader market which ended flat.

The benchmark 30-share SenseMARKETS-SOUTHASIA/STOCKSx has more than doubled from the lows in early March, registering a rise of more than 78 percent with foreign funds infusing nearly $14 billion in Indian equities.

Banking index gains

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The BSE banking index closed 2.2 percent higher on Friday despite analysts’ warning that mid-cap lenders could see muted net profit growth in the July-September quarter.

The banking index has risen nearly 100 percent this year.MARKETS-SOUTHASIA/STOCKS

Some of the major gainers on the Bankex were Karnataka Bank (up 8.3 percent), Oriental Bank (up 6.8 percent), Union Bank (up 6.5 percent), SBI (up 5.3 percent), ICICI Bank (up 2.4 percent) and Andhra Bank (up 3.7 percent).

IT space struggles but Satyam soars

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INDIA-SATYAM/NATHShares in Mahindra Satyam closed nearly 8 percent higher on Thursday, bucking the trend as the overall IT space remained weak.

The BSE IT index closed 1.4 percent lower, with stocks such as Infosys and TCS ending down over 1.5 percent. Outsourcers like Infosys which get most of their revenue in dollars, felt the heat as the rupee climbed to a near 13-month high.

Auto Index rises

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Shares of major auto players rose on Wednesday, pulling the BSE Auto Index up 2.2 percent.
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Shares in Mahindra & Mahindra ended 6.1 percent higher at 971 in a market that ended 1.2 percent up. Trade in the counter stood at 0.4 million shares.

Reliance rises on patch-up hopes

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Shares in Reliance Industries ended 3.1 percent higher on Monday in the broader market which closed 2.3 percent up.

The stock reached an intra-day high of over 4 percent before closing at 2167 rupees.BC-ENERGY-INDIA-RELIANCE

Telecom shares dives in flat market

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Shares of major telecom players plunged on Thursday, pulling the BSE Technology Index down 2.8 percent.

Bharti Airtel, which has a 3.6 percent weightage on the Sensex, dropped over 6 percent in a market that ended marginally up at 16,843. Trade in the counter stood at 8.1 million shares.INDIA-STOCKS/JUMP

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