| India Market Update Archive: |
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Power Stocks Rally
Oct 16, 10:22 PM EDT |
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| Power sector stocks advanced. Reliance Energy, Tata Power, Power Grid, and NTPC surged. |
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| Stocks in Mumba trading edged lower after rising to a record level in the last five session. Sensex fell 0.04% or 6.80 to close at 19,051. Of the 30 stocks in the index, 12 ganied and 18 declined. Stead rise of rupee against dollar is likely to hurt exports from smaller companies. CII, industry organization, cautioned that the export target of $160 billion in the current fiscal year may not be achieved. ICICI Bank led the gainers and Infosys led the decliners in the Sensex index. |
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Sensex Drops 2%, Rupee At Peak
Oct 12, 2:30 PM EDT |
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| Sensex in India fell 2% after sharply rising in the week. Reliance Industries to invest in refining, retail, and exploration business. |
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| Sensex in Mumbai, India trading fell 2% after rising sharply in the last three days. Of the 30 stocks 26 declined in the Sensex index. The Finance Minister Chidambaram said that current value of rupee in the international market is trading outside the comfort zone. He also suggested that the economy is capable of 9% annual growth. Reliance Industries plans to invest up to $9 billion in Jamnagar refinery and plans to invest $4 billion in domestic oil exploration. |
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DLF to Raise $1.5 B, Infosys Declines
Oct 11, 3:39 PM EDT |
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| The largest real estate group in India plans to raise $1.5 billion in the international markets after raising $2.3 billion in IPO in India. |
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| Sensex in India closed higher, the third record close in a row. The index added 155 or 0.8% to close at 18,814. Of the 30 stocks in the index 23 gained. DLF Limited plans to raise $1.5 billion in international offering. Infosys reported earnings and sales rise of 19% and offered estimate of earnings increase of 18% in the next quarter. Stock fell 7%. |
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Sensex Surged 4.5%
Oct 09, 3:57 PM EDT |
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| Sensex in India surged on strong fund flows, rising domestic consumption, and expectatiions of political settlement between two rival faction. |
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| The surge of 4.5% in the Sensex Index in Mumbai, India led the global markets. The possibility of an agreement between two factions in the ruling coalition, led investors to bid up stocks. Every member in the Sensex index of 30 stocks gained. S&P projected eocnomic growth of 9% in 2007 and 8.8% in 2008 in India. Reliance Industries jumped 8% and Reliance Energy soared 11%. Bharti Telecom and Maruti Suzuki jumped as well. |
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Political Worries Dominated India
Oct 08, 12:21 PM EDT |
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| Sensex in India fell 1.6% on the worries that ruling party coalition may not resolve its differences on a nuclear accord with the U.S. |
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| Sensex in India declined for the third day in a row after a steady rise in the previous ten sessions. Sensex fell 1.6% on the worries that the disagreement in the ruling coalition on the nulcear accord with the U.S. may lead to early elections. The Congree led coalition has been shaky but has managed to push ahead with reforms and economic growth has stayed above 9%. DLF will replace Dr Reddys in the BSE Sensex index. Steel companies led the gainers. |
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Ninth Record Close in India
Sep 28, 12:57 PM EDT |
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| India continue to surge on steady fund flows, decline in inflation, and earnings expectations. Citigroup, Merrill Lynch acquires a stake in MCX. |
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| Sensex in Mumbai trading closed up 0.8% to 17,219, despite broader market decline. Of the total stocks traded on BSE, 1,392 fell, 1,362 gained, 58 were unchaged. Wholesale inflation has been on the decline according to government data. Strong fund flows, expectations of healthly profit increase, and steady participation from retail investors have taken index to a new high for two weeks in a row. Banks rose sharply. ICICI Bank jumped to a record on raising $2 billion. For the week Senex up 4.4%. |
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Sensex Rallies Again
Sep 27, 12:36 PM EDT |
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| Stocks in Mumbai rallied for the fourth day in a row ahead of derivatives expiration. Mining and IT stocks led the advance. |
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| Sensex in Mumbai, India closed at a record high for the fourth day in a row. Industrials, financials, and IT companies led the advance. Of the 30 stocks i Sensex, 21 closed higher. East India Hotels have severed their ties with Hilton Hotels for its marketing and cobranding parnership. Tata Sons acquires a stake in Praj Industries. Rajesh Exports soars ahead of stock split. Bharat Heavy receives 750 crore rupees power plant order from the Steel Authority of India. |
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IT stocks in India Rise
Sep 26, 2:43 PM EDT |
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| India edged higher on rate cut expectations. Reliance group of companies declined after a week of sustained rise. |
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| Indian stocks continue to advance on steady foreign fund flows, expectations of lower interest rates, and a decline in inflation. Government plans to offer 12,000 crore rupees bonds to refinery companies to cover the losses from selling fuel at below market cost. IT stocks rallied after Wipro booked an order of $150 million with Thamse Utillity. |
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Indian Foreign Reserves, Record $232 B
Sep 25, 1:04 PM EDT |
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| Foreign exchange reserve in India rose to $232.2 billion and foreign investors added $1.2 billion in the stock market at the end of last week. |
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| Sensex in Mumbai trading closed higher but stocks in the broader markets were weaker. After a ten day rally in the index market appears to be ready for consolidation. ONGC Videsh has received license to drill oil in Myanmar and plans to invest $150 million in the project. HDFC Bank led the stocks in Sensex and Mahindra & Mahindra led the decliners in the index. Rupee fell against dollar to 39.80 rupee. The Reserve Bank of India reported foreign exchange reserve of $232 billion. |
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India Surges 1.7%, Rupee 9-Year High
Sep 24, 12:34 PM EDT |
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| Sensex and rupee surged to a record high. Reliance group of companies led the gainers for the second day in a row. |
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| Sensex in India jumped 1.7% to a record close at 16,845.83. of the 30 stocks in the Sensex, 25 closed higher. The steady fund flows into the country has lifted rupee to a nine-year high. The rupee closed 0.3% higher to 39.77 against one dollar. Rupee advanced 1.4% in the last week, up 11% for the year and 14% in the last twelve months. Kamal Nath ruled out the possiblities of government intervention in the currency market. Relinace Industries closed at a new record. |
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