The markets opened on Monday lower, tracking weakness in its Asian peers. Fresh buying was seen in bank stocks taking a cue from dip in inflation and falling oil prices, which helped the markets to recover most of its initial losses at close. HDFC Bank rose 1.5 per cent to Rs 1,296.10 and SBI gained 0.9 per cent at Rs 1,416. The Sensex traded between 14,281.10 and 14,547.41 during the session and finished the day at 14,498 losing 66 points.
Telecom shares lost sheen in the bourses on concerns over slower revenue growth with a further fall in the average revenue per user as new companies prepare to launch mobile services in the coming months at cheaper rates. Reliance Communications fell 1.7 per cent to Rs 388.95 and Bharti Airtel lost 2.5 per cent to Rs 816.25.
Airlines stocks rose on the back of a 16 per cent reduction in aviation turbine fuel prices announced by oil marketing companies on Sunday. The share prices of Jet Airways, SpiceJet, and Deccan Aviation surged two to four per cent reacting to the positive news, but, otherwise reeling under pressure of high cost of oil.
Resurgere Mines and Minerals India Ltd closed 97.6 per cent above its issue price of Rs 270 on its listing day on Monday on the NSE. It opened at Rs 285 and touched an intra-day high of Rs 568.9 and a low of Rs 278.2 before closing at Rs 533.55.
Equity investors, cheered by the drop in crude prices bought shares in the rate sensitive sectors on Tuesday, pushing the Sensex beyond the 15,000-mark and the Nifty above the 4500-mark. The Sensex gained 551 points closing at 15,049, while the Nifty closed 155 points up at 4504.
Exchange-traded interest rate futures will be a reality in the Indian market by December 2008 or latest by January next year, said a top SEBI official. A recent report on interest rate futures had recommended that banks, financial institutions and also FIIs be allowed to participate in this market.
Ranbaxy shares plunged 10 per cent after it witnessed heavy selling as last minute traders were unable to surrender their shares before the close of Daiichi Sankyo's open offer on September 4. The stock closed at Rs 490.
After two months of declining assets under management (AUM), mutual funds reported a 2.77 per cent increase in AUM during August. AUMs had declined 5.9 per cent in June and 6.2 per cent in July. The increase in the asset base in August is on account of the change in NAVs owing to market appreciation and a mild interest in debt schemes, said a fund manager.
FIIs have reduced their holding in real estate companies like Unitech and Parsvnath Developers by over two percent and by 0.8 percent respectively, year-on-year. An analyst opined that the drop in FII holding in these companies reflected the uncertainty in the market.
Tata Motors suspended work at its small car facility in Singur in West Bengal, from where it was to roll out its low-cost car Nano by October. In a statement, the company said it is "evaluating other options for manufacturing the Nano car at other company facilities and a detailed plan to relocate the plant and machinery to an alternate site is under preparation." The news, however could not make a dent on the stock, as there was still some hope the Singur stalemate will end.
After debuting at a premium of almost 100 per cent to its issue price of Rs. 270, Resurgere Mines and Minerals ran a volatile course on Thursday, as the stock hit both the upper and lower circuit. The share touched an intraday high of Rs 740, and closed down at Rs 500.55, also its day's low, recording a dip of 20 per cent.
The shares of HCL Technologies closed 0.82 per cent higher at Rs 251.65, amid market buzz that the company could be on course for a large overseas acquisition.
The annual WPI-based inflation dipped to 12.34 per cent during the week ended August 23, marginally below the previous week's annual rise of 12.40 per cent owing to lower prices of food items, government data showed.
The Sensex, after a smart climb on Tuesday, gaining 550 points on a single day on positives like falling oil prices, lost its way on Thursday and Friday, surrendering the gains made. It finished the day at 14,480, with a loss of 415 points, almost confirming the uncertain trend that seems to be dominating the Indian capital markets now.
Telecom shares lost sheen in the bourses on concerns over slower revenue growth with a further fall in the average revenue per user as new companies prepare to launch mobile services in the coming months at cheaper rates. Reliance Communications fell 1.7 per cent to Rs 388.95 and Bharti Airtel lost 2.5 per cent to Rs 816.25.
Airlines stocks rose on the back of a 16 per cent reduction in aviation turbine fuel prices announced by oil marketing companies on Sunday. The share prices of Jet Airways, SpiceJet, and Deccan Aviation surged two to four per cent reacting to the positive news, but, otherwise reeling under pressure of high cost of oil.
Resurgere Mines and Minerals India Ltd closed 97.6 per cent above its issue price of Rs 270 on its listing day on Monday on the NSE. It opened at Rs 285 and touched an intra-day high of Rs 568.9 and a low of Rs 278.2 before closing at Rs 533.55.
Equity investors, cheered by the drop in crude prices bought shares in the rate sensitive sectors on Tuesday, pushing the Sensex beyond the 15,000-mark and the Nifty above the 4500-mark. The Sensex gained 551 points closing at 15,049, while the Nifty closed 155 points up at 4504.
Exchange-traded interest rate futures will be a reality in the Indian market by December 2008 or latest by January next year, said a top SEBI official. A recent report on interest rate futures had recommended that banks, financial institutions and also FIIs be allowed to participate in this market.
Ranbaxy shares plunged 10 per cent after it witnessed heavy selling as last minute traders were unable to surrender their shares before the close of Daiichi Sankyo's open offer on September 4. The stock closed at Rs 490.
After two months of declining assets under management (AUM), mutual funds reported a 2.77 per cent increase in AUM during August. AUMs had declined 5.9 per cent in June and 6.2 per cent in July. The increase in the asset base in August is on account of the change in NAVs owing to market appreciation and a mild interest in debt schemes, said a fund manager.
FIIs have reduced their holding in real estate companies like Unitech and Parsvnath Developers by over two percent and by 0.8 percent respectively, year-on-year. An analyst opined that the drop in FII holding in these companies reflected the uncertainty in the market.
Tata Motors suspended work at its small car facility in Singur in West Bengal, from where it was to roll out its low-cost car Nano by October. In a statement, the company said it is "evaluating other options for manufacturing the Nano car at other company facilities and a detailed plan to relocate the plant and machinery to an alternate site is under preparation." The news, however could not make a dent on the stock, as there was still some hope the Singur stalemate will end.
After debuting at a premium of almost 100 per cent to its issue price of Rs. 270, Resurgere Mines and Minerals ran a volatile course on Thursday, as the stock hit both the upper and lower circuit. The share touched an intraday high of Rs 740, and closed down at Rs 500.55, also its day's low, recording a dip of 20 per cent.
The shares of HCL Technologies closed 0.82 per cent higher at Rs 251.65, amid market buzz that the company could be on course for a large overseas acquisition.
The annual WPI-based inflation dipped to 12.34 per cent during the week ended August 23, marginally below the previous week's annual rise of 12.40 per cent owing to lower prices of food items, government data showed.
The Sensex, after a smart climb on Tuesday, gaining 550 points on a single day on positives like falling oil prices, lost its way on Thursday and Friday, surrendering the gains made. It finished the day at 14,480, with a loss of 415 points, almost confirming the uncertain trend that seems to be dominating the Indian capital markets now.
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