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Markets this week
Markets this week have been playing truant. At times even flattering to deceive, on the back of various corporate developments, and some administrative missives from the NSE. On Monday, the BSE index closed at 9,928 down by 171 points. The benchmark opened flat, seesawed and slipped sharply following weak cues from European markets. The Nifty shed 38 points to 3,039.
The proposed increase in trading hours of the Nifty futures on the NSE was not welcomed by a section of market participants.
The NSE's request for time extension needs SEBI's approval to start the futures trading at 8 a.m., instead of the usual 9.55 a.m.
NSE future is also listed in the Singapore Stock Exchange (SGX), where trading starts over two and a half hours before NSE. This influences price movement of Nifty futures contract at NSE, some marketmen point out.
Wipro Technologies completed its acquisition of Citi Technology Services Ltd (CTSL), the IT unit of Citigroup Inc for $127 million (Rs 615.8 crore) in an all cash deal on Tuesday.
Wipro and Citi will sign a master services agreement for delivery of technology infrastructure services and application development and maintenance (ADM) services for six years as part of the deal.
The World Bank has barred Satyam Computer Services from doing business with it for a period of eight years beginning September 2008.
The decision was taken following allegations of data theft in a project handled by the software solutions company, according to a report by Fox News.
The Securities and Exchange Board of India on Tuesday denied issue of letter to Pyramid Saimira Theatre Ltd, on December 19, for an open offer for aquisition of 20 per cent shares at a price of Rs 250 per share.
Profit-taking in blue-chips and a weak sentiment in Asian markets dragged the indices lower on Tuesday.
A sharp fall in Satyam Computers also weighed on the Sensex, which closed down 241 points at 9,687. On the NSE, the Nifty lost 71 points and ended at 2,968.
The Indian bourses slipped for a third day on Wednesday to their lowest close in more than two weeks.
The main 30-share BSE index or Sensex shed 1.22 per cent, or 118.03 points, to 9,569.The 50-share NSE index fell 52 points to 2,917.
The Satyam stock nosedived to a 52-week low of Rs 114.65 on Wednesday on bad news on the World Bank front. But it recovered later in the day to close at Rs 134.95.
The SEBI, in an ex-parte order, restrained the promoters of Somani Cement Company Ltd (SCCL) from accessing the securities market for a period of 10 years.
Investigations by the regulator have revealed that the company had allegedly made several misleading announcements, creating unusual movment in volumes and prices.
Reliance Petroleum (RPL) on Thursday kicked off crude processing at its new 29 million-tonne refinery in Jamnagar, Gujarat. This unit is expected to target markets in Europe, North America and Asia.
Extending the losses for the fourth trading session in a row, the benchmark Sensex on Friday closed with a hefty loss of 240 points at 9329. The Nifty dips further by 59 points at 2,857.
The report of a fall in advance tax payments for the third quarter pulled down the barometer after a promising start and anticipation of dismal quarterly earnings.
Compiled by S Vasudevan
Podcast by A Srirengarajan
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