| India Market Update Archive: |
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More IPOs Pulled
Feb 08, 10:48 AM EST |
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| Stocks in India fell as retail investors were cautious on the rising inflation and worries related to the health of the global financial markets. |
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| Wholesales inflation in India at the end of two weeks ago rose as expectations of higher fuel price were baked in the prices. Investors mood was subdued as several IPOs were pulled. Emmar and Wockhardt were two latest casualties. India markets closed flat on Friday with the benchmark index Sensex declining 0.4% or 62.04 to 17,464.89. In the broader market, Nifty was down 0.3% or 12.9 at 5,120.35. |
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Weak But Robust Growth in India
Feb 07, 5:36 PM EST |
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| Economic growth in India is estimated to slow to 8.7% in the current fiscal year from 9.6% in the previous year. |
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| The Central Statistics Office reported weaker but strong fiscal outlook for the rest of the year, indicating that the current global financial market turmoil will have minimal impact on the economy of India. CSO lowered its annual economic growth estimate to 8.7% from 9.6% on lower service and manufacturing performance. Manufacturing is estimated to grow at 9.4% slower than 12% from a year ago, service to grow at 10.7% from 11.1%, and agriculture to growth at 2.6% from 3.8%. |
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Global Markets Drag Sensex Down 2.8%
Feb 06, 12:59 PM EST |
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| Software exporters and metal companies fell sharply on the worries of U.S. economic slowdown. |
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| Mumbai stocks are caught in a volatile and choppy trading for the last three months, and trading today was no different. Sensex index fell 2.8% or 523 to 18,139.49 in line with global market sell-off. U.S. market averages fell between 2.5% and 3% and markets in Europe decline more than 2%. European markets todaly eked out minor gains after a mild rebound in the U.S. Maruti Suzuki, Tata Motors, and Bajaj Auto fell. |
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Software Exporters Decline, Refiners Rise
Feb 05, 3:56 PM EST |
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| Software exporters fell and reached a new low after worries related to their business growth in the U.S. resurfaced. |
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| Stocks in India rested after two days of volatile trading. Sensec added 2.84 to 18,663.16 after a fall in the early hours of trading. Financials, metals, and software exporters declined. Hero Honda fell 6% and HDFC Bank declined 2.1%. Maruti Suzuki is expected to launch new car to compete with Nano made by Tata Motor and sell it at 150,000 rupees. Indian Oil, Hindustan Petroleum, and Bharat Petroleum gained on the expected fuel price increae at the end of this week. |
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Mumbai Up 2.3%, Reliance Infratel IPO
Feb 04, 1:15 PM EST |
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| Tata Motors auto sales in January declined 10% from a year ago. Steel stocks gained on rising steel prices. |
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| Mumbai stocks rallied after a surge in Asian markets and strong close in the U.S. indexes on Friday. Cabinet meeting of ministers is likely to approve two rupees price rise in Petrol and one rupee price rise in diesel fuel. Reliance Communication filed to spin-off its infratel subsidiary. Sensex Index closed up 2.3% or 417 to 18,660. The combined trading turnover on two exchanges rose to 19,500 crore rupees. |
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December Fiscal Deficit Falls
Jan 31, 10:29 AM EST |
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| Reliance Communication profit rose 49% on 30% rise in net revenues. Tata Steel profit gained 0.5% on 10% rise in net revenue. |
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| December fiscal deficit in India declined on 9% higher tax revenues keeping the government to meet its annual deficit target of 3.1% to GDP. Stocks in India fell as investors worried that global economic slowdown may hurt international investors sentiment. More than 60 stocks on BSE are now tradning below 50% of clsoing price at the end of 2007. Hindalco net profit decline 16% on 1.5% decline in revenue. |
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Mumbai to Open Higher, Fed Cut Rates
Jan 30, 7:11 PM EST |
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| Stocks in India are expected to rise in the early morning after the U.S. Fed lowered interest rate by 0.5% to 3.0%. |
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| Stocks in India declined a day after the RBI left the key rates unchanged and as market digested earnings from Mahindra & Mahindra, NTPC, Bharti Airtel, and Baja Auto. Bajaj Auto fell 3% on the decline in earnings, Bharti Airtel rose 1.2% on 36% rise in earnings, and NTPC fell 4.6% after its profit fell 15%. Mahindra & Mahindra profit jumped 67% on the one-time gains. Government relaxed rules for foreign investing in several industries including civil aviation and petroleum refining. |
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RBI Left Rates Unchaged
Jan 29, 10:40 AM EST |
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| RBI left rates and reserve ratios unchaged. Inflation and money supply growth are running ahead of its target and estimated. |
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| Stocks in Mumbai traded lower after the Reserve Bank of India left the rates unchaged. The Sensex Index 30-share BSE Sensex declined 0.34% or 60.84 at 18,091.94. The S&P CNX Nifty slid 16.5% or 1,076.30. Property and banks stocks had advanced ahead of the rate cut expectations. The RBI issued positive economic assessment and said that the impact of the U.S. recession on India will be limited. |
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Market Awaits RBI Decision
Jan 28, 7:03 PM EST |
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| Ahead of Reserve Bank of India rate decison meeting, financial stocks fell. Larsen & Toubro reported third quarter profit rise of 40%. |
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| Global market worries dragged Sensex lower. The Bombay Stock Exchange benchmark index fell on Monday with a loss of 1.1% or 208.88 to 18,152.78. Larsen & Toubro reported third quarter earnings rise of 41% from a year ago to 481 crore rupees on 54% rise in sales. L&T fell 1.6% to 3,830 rupees. |
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Sensex in Record One-day Gain, Again
Jan 25, 12:37 PM EST |
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| Wholesale inflation in India at the end of the second week in January declined marginally. |
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| Stocks in Mumbai rebounded shaprly on the hopes that the fiscal stimulus in the U.S. will revive flagging economic growth in the U.S. Sensex recorded record one-day gain for the second time this week with a surge of 6.6% or 1,139.92 to 18,361.66 while the broader CNX S&P Nifty climbed 7% or 349.90 to 5383.35. State Bank of India rose 2.5% to 2,405 rupees after reporting 69.8% rise in net profit to 1,808.64 crore rupees and 33.1% increase in operating income in the third quarter. |
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