Indian shares fell 7.2 per cent in October and logged their biggest monthly fall in a year, after they closed 1 per cent lower on Friday as
investors gave a thumbs down to results from some key corporates such as Reliance Industries and Bharti Airtel.
Energy giant Reliance Industries slumped 3.6 per cent to 1,931.25 rupees, its lowest close in 10 weeks, after it posted its fourth straight decline in quarterly profits.
"We believe that the refining segment will remain under pressure in the near term, thus, impacting RIL's (Reliance Industries) performance," Prabhudas Lilladher said in a note.
"Overhang on the ongoing battle between RIL and Reliance Natural Resources continues to remain a concern. Hence, we maintain 'reduce' rating on the stock," it said in a note.
Top mobile operator Bharti Airtel tumbled 6.4 per cent to 292.15 rupees, as it gave a downbeat outlook due to a nasty price war after posting its slowest pace of profit growth in at least six years.
The 30-share BSE Index closed 0.97 per cent or 156.44 points lower at 15,896.28, after rising to as much as 16,360.88 in early trade, cheered by a rise in global markets, as data showed United States returned to economic growth.
"The whole concept of buy at dips' and sell at rise' is being reversed," said R K Gupta, managing director of Taurus Mutual Fund.
"Results from quite some companies have disappointed, triggering the fall. People have clarity on fiscal 2010 earnings, but beyond that it's all guesswork," added Gupta.
The benchmark shed 5.4 per cent in the week declining is all sessions, and posted its highest weekly loss in more than three and a half months, as corporate results failed to cheer and the central bank set a hawkish tone at its quarterly policy meet.
Foreign funds have infused around $14.4 billion in Indian equities so far this year which have led to a rise of nearly 65 per cent in the benchmark.
Prime Minister Manmohan Singh said India will push forward with reforms and needs to increase investment in rural education, health and infrastructure to raise the economic growth rate up to 10 per cent.
Earlier this week, the central bank forecast growth for 2009/10 at 6 per cent with an upward bias.
Sterlite Industries rose as much as 8.3 per cent to 808 rupees, after it said its unit Sterlite Energy filed to raise up to 51 billion rupees though an initial public offer.
The stock closed 3.4 per cent higher at 771.55 rupees. Utility Indiabulls Power Ltd, which raised about $380 million in a heavily subscribed IPO, slumped as much as 22 per cent on debut and could hit investors appetite for a long and growing IPO pipeline.
The stock closed 12.8 per cent lower at 39.25 rupees. Private lender ICICI Bank climbed 2.4 per cent to 789.60 rupees, as it posted a small but surprise rise in quarterly profit on trading gain and lower costs that offset a rise in bad debts.
State-run explorer Oil & Natural Gas Corp shed 2.8 per cent to 1,132.70 rupees, after it reported a lower-than-expected 5.8 per cent rise in quarterly net profit.
Power producer Tata Power plunged 4.4 per cent to 1,343.20 rupees, after it said its September quarter net profit dropped by 28 per cent.
In the broader market, losers outnumbered gainers in a ratio of 1.5:1 in a relatively higher volume of 494 million shares.
The 50-share NSE index closed 0.8 per cent lower at 4,711.70.
Indian markets are shut on Monday for a public holiday.
Traders unwind positions as Bharti, RIL disappoint
ICICI Q2 net up 2.6%; beats forecast
Deep water opportunity for RIL, refining margins to look up 2011'
Time is perfect to invest in property
At SAMPARK, we provide financial advice and distribute various investment products with the most efficient & widest range, customized specifically to your NEEDS..@ Whether you are keen on small investments or playing it big, We provide financial advice and distribute various investment/financial products with the most efficient & widest range, customized specifically to your NEEDs.
Subscribe to: Post Comments (Atom)
SAMPARK 75(193), G. T. ROAD RAMBANDHU TAKAW OPP-CHOWALAL SCHOOL ASANSOL-713303, (W.B),INDIA JALAN BHAWAN 52 N.S.ROAD...
A WINNER can show you d way to success.. But.. A LOOSER can make you.. Aware of all ways leading to failure..@
8 MILLIONS CHILDREN ARE NOT IN SCHOOL : THE POWER OF YOUR WORDS CAN HELP CHANGE THEIR LIVES .. JOIN THE MOVEMENT NOW
25. Kyoto University , Japan Kyoto University rated as 25th best university in World University Rankings 2009. Founded in 1897, Kyoto Univ...
MY INTERACTION with one of my client on 12.12.2018 Sensex up today by 600 points* :scream: Manish : I am wondering Dr. AAA, why t...
One of my client get more than 6L as a benefit beside his SIP amount become double in the time span of about 8years. This event force me...
Gold has always fascinated us Indians but do you know how prices of gold have varied in India. I happen to visit RBI website which pub...
Dear All Today is the first day of the new Financial year and we all are free now as lockdown prevails due to Corona crisis, so let's...
Fwd as received on Whatsapp : Dear Investor India, as an Investor, has just learned to invest in Equity and Mutual Fund. But, I always fin...
Post a Comment