Money on the markets
A maturing market amid the mayhem
The BSE Oil & Gas index ended 0.8 percent lower on Monday with all but one of its constituent stocks closing in the red.
The big mover of the day was Reliance Natural, which dropped 27.2 percent after a deal to fold into sister firm Reliance Power valued the company at a steep discount to its market capitalisation on Friday.
The stock ended with trading volumes of 18.7 million shares on the BSE and was the second-most traded counter.
Other big losers in the index included Aban Offshore which slipped 2.54 percent, and HPCL which dropped 1.9 percent. GAIL was the only stock that closed in the green, rising 0.85 percent.
India’s benchmark stock index did reasonably well in the first half of 2010 as compared to its emerging market peers. The Sensex gained 1.4 percent during the period, and outperformed China’s Shanghai Composite Index and Brazil’s Bovespa which declined 9.6 percent and 26.8 percent respectively.
Shares in Reliance Industries, India’s top listed firm which has the heaviest weight in the index, barely changed during the period, but a Supreme Court ruling on a gas dispute and Ambani brothers reconciliation kept the company in focus.
Metal counters ended the week on a negative note with the sectoral index slipping 1.18 percent, the worst among all sectors.
Sterlite Industries fell 2.3 percent, as Shanghai copper fell more than 1 percent, following a 3.1-percent tumble in London prices.
Shares in engineering and construction company Larsen & Toubro rose more than 3 percent on Thursday on improving outlook in the backdrop of a rapidly expanding economy.
The stock, which also ended as the top Sensex gainer, has gained 9 percent this month.
Shares in state-run trading firm MMTC fell 1,412 rupees to 33,064 rupees, after rallying nearly 21 percent in the previous session.
The stock had jumped to 34,476.60 rupees on Tuesday after the firm said it would consider a bonus issue and stock split on June 29.
Tuesday turned out to be a good day for real estate counters, with the sectoral index rising 2.6 percent, and all but one component closing positive.
Shares in HDIL jumped nearly 5 percent to end as the top gainer in the index. Bigger players like DLF and Unitech rose nearly 3 percent each.
Shares in software services firms rose on Monday on heavy investor interest, helped by global recovery and improving order visibility.
The BSE IT Index jumped 3.7 percent with shares in top firms TCS and Infosys gaining 2.85 percent and 4.3 percent respectively. Infosys also ended as the top Sensex gainer.
It was mixed luck for the realty sector at the markets on Friday, with some counters making good gains and some stalwarts closing in the red.
Puravankara and Parsvnath Developers rose over 7 percent and 4 percent respectively, while Indiabulls Real Estate, Unitech and Ansal Properties closed in the red, capping gains in the sectoral index which closed just 0.4 percent up.