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Markets this week
Expectations of a second stimulus package - including a rate cut by the RBI - and positive sentiment from overseas market boosted the Indian bourses on Monday.
The negative indices trend was reversed and both Sensex and the Nifty spurted over two per cent each on the back of fresh buying support .
Uptrend in crude oil prices aided shares of oil producing companies such as Reliance Industries, Reliance Petroleum, Cairn India and ONGC.
The Sensex spurted 204 points to close at 9,533 and the Nifty ended with a gain of 65 points at 2922.
Satyam Computer Services suffered another major blow with the three independent directors, Mr Vinod K. Dham, Dr Krishna G. Palepu and Prof. Mendu Rammohan Rao resigning, under pressure from several quarters on corporate governance issues.
IL&FS Trust Company Ltd - believed to be one of the institutions with whom the shares of the promoters of Satyam Computer Services were pledged - on Monday sold 44.1 lakh shares in the open market at Rs 139.83 per share.
Mahindra and Mahindra owned Punjab Tractors Ltd on Tuesday announced plans to sell its remaining stake of 14.4 per cent held in Swaraj Mazda to Sumitomo Corporation.
Sumitomo already has a 39.49-per cent stake in Swaraj Mazda Ltd. The deal at a price of Rs 272 a share would enhance its stake in Swaraj Mazda to 53.53 per cent.
The BSE Sensex closed Tuesday's session on a strong note with a gain of 183 points at 9717. The wide-based Nifty opened in the green, but faced selling pressure at higher levels. However, it ended the session higher with a gain of 57 points at 2980.
Global rating agency Standard & Poor's on Wednesday revised its rating outlook on Reliance Industries, from stable to negative, reflecting the company's increased debt and pressure on profitability.
S&P said the downturn in commodities and oil refining as a fallout of the global economic slowdown had affected the profitability of the company.
The benchmark Sensex ended lower on the last day of the calendar year 2008 at 9647, down 69 points, while the Nifty lost 20 points and closed at 2959.
Indian bourses opened with a bang on the first day of 2009, with the benchmark indices surging by an impressive 256 points at 9,903; the Nifty gained 74 points to close at 3033.
Expectations on the stimulus package and easing of inflation at 6.38 per cent for the week ended December 20, 2008 boosted the market sentiment.
Thursday's gains were broad based with 2,001 scrips on the BSE gaining and only 493 out of a total of 2,560 traded stocks losing out.
Once the new year euphoria was over, market-men became cautious ahead of the expected second stimulus package as the Sensex ended Friday at 9,958 with a slender 54 points gain, amid the usual intraday volatility.
The Sensex, for the week gained a hefty 630 points, heralding the new year with aplomb. As this report was being compiled, the RBI has announced a 100 basis point rate cut along with other concessions like easing ECB norms and raising of FII investment limit, as part of the much awaited second stimulus package.
It now remains to be seen how the markets reacts to the goodies announced. It is expected that the trading blues will fade away and markets may bounce back.
Compiled by S. Vasudevan
Podcast by A. Srirengarajan
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