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Markets this week
Domestic stocks slipped for the sixth consecutive day on Tuesday as global cues remained negative. Opening after an extended weekend, with Monday being a public holiday, the Sensex nose-dived 491 points to a two-month low of 15,404.8 points. The Nifty fell 148 points to 4,564.
Major losers among the Sensex pack were Hindalco, DLF, JP Associates, Tata Steel, Reliance Cap and Reliance Industries.
The Reliance Industries stock fell substantially on Tuesday to its lowest close in almost four months, as it ended the day at Rs 1,820. The stock fell by 5.7 per cent pulling down the benchmark index by more than 3 per cent.
Weak European markets also caused the markets to slump. Another reason for the dip was the interest rate hike by the Reserve Bank of Australia on Tuesday.
Snappipng its six-day losing streak on Wednesday, the Sensex made a strong recovery with a gain of 507 points to end at 15,912. On the NSE, the broader Nifty advanced 147 points to 4,710. Buying in banks and technology stocks and positive cues from the global markets aided the recovery.
Giving the disinvestment programme a big push, the Centre has asked all listed, profitable central public sector enterprises (CPSEs) to meet the mandatory listing norm of at least 10 per cent public ownership.
It has also asked all unlisted CPSEs with positive net worth, and zero accumulated losses and a net profit track record in the three immediate preceding years to get listed. The eligible candidates include NMDC, MMTC, Neyveli Lignite Corporation, Rashtriya Chemicals and Fertilizers, National Fertilizers, Coal India, BSNL and Engineers India.
After a sedate opening on Thursday, the bourses made a sharp recovery in the latter session. The Finance Minister's stance on disinvestments in profit making PSUs triggered the rally. The Sensex rose 151 points to end higher at 16,063 after touching a high of 16,092 while the Nifty spurted 55 points to close at 4,765.
The Madras Stock Exchange (MSE) has tied up with the National Stock Exchange (NSE) to enable its' members to trade directly on the NSE platform. On Thursday, being the first day, 10 companies have been listed. In stages, more companies listed exclusively on the MSE will be traded on the NSE.
The sole book running lead manager to the Indiabulls Power Ltd IPO of last month, Morgan Stanley, picked up a chunk of shares in the company on Thursday as a market-making exercise.
In the wake of falling share prices of the newly listed company, Morgan Stanley picked up 21.12 lakh IPL shares for Rs 7.2 crore at an average price of Rs 34.10 per share. This constitutes 4.15 per cent of the greenshoe option of the IPO.
On Friday, the Indian bourses settled on a positive note at 16,158, surging by 94 points and the wider Nifty also inched up higher at 4,796, gaining 30 points. Buying support emerged in PSU stocks on divestment news followed by metals, reatly and auto sectors. Both the main indices and BSE Mid cap, Small Cap also gained significantly.
Compiled by S Vasudevan
Podcast A Srirengarajan
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