| Hotel stocks up, but Sensex slips | |
| BS Reporter / Mumbai December 2, 2008, 0:10 IST | |
Realty, auto and consumer durables stocks fall the most.
 Share prices of hospitality companies climbed On Monday even while benchmark equity stocks fell after remarks by outgoing finance minister P Chidambaram that Indian growth would slow.
Hotel stocks rose between 0.6 and 12 per cent, while the Bombay Stock Exchange (BSE) Sensex fell 252 points, or 2.78 per cent, to 8,839. The broader index, S&P CNX Nifty, of the National Stock Exchange (NSE) fell 72 points, or 2.82 per cent, to 2,682.
Among hospitality companies, the stock of East India Hotels, owners of the Oberoi chain of hotels, was the highest gainer with a rise of 11.21 per cent to Rs 65. Besides East India Hotels, the stock of Asian Hotels was up 6.86 per cent to Rs 232, Bhagwati Banquets and Hotels gained 4.77 per cent to Rs 21.95, Hotel Leelaventures rose 3.72 per cent to Rs 18.10 and ITC Hotel was up 0.87 per cent to Rs 161.
Among major hotel stocks, only the share of Indian Hotels Company, owners of the Taj Group of Hotels, fell 0.62 per cent to Rs 39.95.
A hospitality sector analyst said, “It is believed that the terror-hit Taj would be shut for over six months and that other hotels would get its business. It is also believed that Oberoi Trident would commence its operations much before Taj in Mumbai.”
The equity market, which saw firm trading early On Monday, slumped after 12 pm on Chidambaram’s remark on the country’s growth. At 11.45 am, the Sensex was at 9,226.99, up 134.27 points, or 1.48 per cent. The 30-share index touched an intraday high of 9,326.68 and a low of 9,152.44. The Sensex swung 523.34 points between the day’s high and low.
In the aftermath of the terror attacks in Mumbai, there have been major changes in the Union Cabinet — Shivraj Patil resigned as Home Minister, Chidambaram took charge of the Home portfolio and Prime Minister Manmohan Singh kept Finance with himself.
Real-estate major DLF was the top loser in Sensex, down 9.96 per cent to Rs 178.50. Among others, Maruti Suzuki was down 9.40 per cent to Rs 485, ICICI Bank fell 7.21 per cent to Rs 326 and Reliance Infrastructure lost 6.95 per cent to end at Rs 467. Other stocks lost between 2 and 6 per cent.
The BSE Realty index was the top loser On Monday with a fall of 5.34 per cent followed by the Auto index (down 4.64 per cent) and the Consumer Durables index (down 4.47 per cent).
Asian markets were mixed. Japan’s Nikkei fell 1.35 per cent as global recession fears prompted investors to book profits after last week’s rally.
Key benchmark indices in South Korea and Singapore were down between 1.58 per cent and 1.62 per cent. However, key benchmark indices in China, Hong Kong and Taiwan were up between 1.25 per cent and 1.59 per cent. European shares too extended losses On Monday after a strong rally last week, with banks and miners falling on lower prices. Key benchmark indices in France, Germany and the UK were down.
|
