|
| Sensex little changed; down 19 points |
| Bloomberg / Dec 18, 2009, 00:36 IST |
|
The 50-share Nifty also ended almost flat at 5,041.
 India’s benchmark stock index was little changed after swinging between gains and losses at least 20 times. HDFC Bank fell while Tata Consultancy Services, the largest software services exporter, gained.
HDFC Bank, the third-biggest lender, lost 1.3 per cent, tracking declines in regional financial companies on expectations that the US Federal Reserve will raise interest rates next year. Tata Consultancy led software exporters higher as the rupee weakened against the dollar, boosting the local-currency value of sales abroad. The US accounts for 40 per cent of the Indian software companies’ sales.
“The software stocks are rising as they are likely to gain as the recovery in the world economy gets stronger,” said Alex Mathews, head of research at Geojit BNP Paribas Financial Services in Kochi.
The Bombay Stock Exchange’s Sensitive Index, or Sensex, retreated 18.52, or 0.1 per cent, to 16,894.25. The S&P CNX Nifty Index on the National Stock Exchange was little changed at 5,041.75. The BSE 200 Index rose 0.2 per cent to 2,116.18.
HDFC Bank lost 1.3 per cent to Rs 1,671.5. Financial companies led declines across Asia on concern the Fed is preparing investors for higher interest rates next year.
Economic recovery
Tata Consultancy rose 1.4 per cent to Rs 722.75. Infosys Technologies, the second-largest software services provider, climbed 0.6 per cent to Rs 2,559 after it was raised to “buy” from “accumulate” at Angel Broking Ltd, which cited the view a global economic recovery will benefit its earnings outlook. The brokerage increased the price estimate to Rs 3,020 per share from Rs 2,480.
Software developer HCL Technologies Ltd jumped 4 per cent to Rs 358.1 after saying its AXON unit signed a global services agreement with GlaxoSmithKline Plc.
Maruti Suzuki India, the largest car maker, lost 1 per cent to Rs 1,554.45 after being rated “sell” in new coverage at Goldman Sachs Group Inc, which cited “expensive” valuations, the company’s increasing reliance on exports and more competition.
DLF Ltd, the biggest developer, slid 3.6 per cent to Rs 365.75 after saying it will list a real estate investment trust when the markets are “right,” without setting a time.
Gemini Communications Ltd, a wireless broadband company, jumped 5 per cent to Rs 40.9 after winning an order valued at Rs 435 crore ($92.7 million).
Hindustan Construction Co, the engineering and construction company that built India’s biggest sea bridge in Mumbai, gained 2.4 per cent to Rs 140.45 after saying it got a road project contract worth Rs 318 crore.
Jagran Prakashan Ltd, the publisher of India’s biggest regional-language newspaper, soared 6.4 per cent to Rs 130.3 after being rated “buy” in new coverage by Abneesh Roy, an analyst at Edelweiss Capital, who set a price estimate of 150 per share.
|
|
|
|
|
|
|
|
|
|
 Read Business news in |  |
|
|
|
|
|
|
Advertisements |
|
|
|
|
|
|
|
|
|
|
Content Guide
