Indian Stock market registers decent weekly gains

Submitted by Anuj Gupta on Sun, 11/15/2009 - 18:41

Indian Stock MarketThe Indian stock market did well last week, recovering all losses suffered in the previous week. The NSE Nifty and BSE Sensex closed at 5,000 mark and 17,000 mark respectively due to large scale transactions by foreign institutional investors (FIIs) and hopes of faster recovery after good Index of Industrial Productivity (IIP) numbers.

Government’s move to go for disinvestment of Public Sector Undertakings also pushed the market upwards.

Stocks of banking, automobile, and technology sectors gained huge interest from investors during the week due to improved market conditions and hopes healthy industrial output. Stocks of infrastructure firms are expected to further rise amid hopes of more spending in the Infrastructure and Information technology sector.

Rupee too performed well and strengthened its position against the US dollar to Rs 46.5 per dollar. Gold was traded above around Rs 16,700 per 10 gm due to weak dollar during the week. Fund houses and investors consider gold as a safe mode of investment due to volatile nature of international currencies.

Export figures also remained healthy and are expected to grow in coming weeks as well. There is widespread consensus in the financial circles regarding improved GDP growth in the next quarter.


Tagged with

Miscellaneous

Reliance Industries Purchase an Additional 0.68% Interest in EIH Ltd.

Reliance Industries Purchase an Additional 0.68% Interest in EIH Ltd.

Owner of Energy giant Reliance Industries, Mukesh Ambani has put in an extra 0.68% in EIH Ltd. With this, his total stake in the hotel chain has increased to 14.8%. In a filing to the Bombay Stock Exchange, EIH said that the shares were purchased from the market on Tuesday.

Shares of Reliance surged 0.3% at Rs. 939.3 in proportion to the Mumbai market at 1.26pm, while EIH shares witnessed a 4.5% rise at Rs. 150.2.

On Monday, Reliance was quoted saying that it is widening its horizon and has procured 14.12% stake in EIH for a sum of $217.5 million.

Bajaj Auto Records 55% Surge in Sales of Vehicles in August

Bajaj Auto Records 55% Surge in Sales of Vehicles in August

On Thursday, Bajaj Auto posted a 55% increase in its sales of vehicles. In the month of August, the Company recorded sales of 3,29,364 vehicles, compared to 2,13,072 units in the same month the year before.

Last month, 2,89,176 two wheelers were sold by Bajaj Auto, a big surge than 1,82,441 units, which were sold in August 2009. The Company’s cumulative sales of two wheelers for the time frame between April and August 2010 increased by 68% and were recorded at 1,397,348 units. The number was high from 833,235 units that were retailed during the same period last year.

© Copyright 2010