Sensex ends flat; awaits parliament logjam to clear

MUMBAI Fri Nov 23, 2012 5:41pm IST

A stockbroker looks at stock index numbers on his computer screen at a brokerage firm in Mumbai August 1, 2007. REUTERS/Punit Paranjpe/Files

A stockbroker looks at stock index numbers on his computer screen at a brokerage firm in Mumbai August 1, 2007.

Credit: Reuters/Punit Paranjpe/Files

Related Topics



MUMBAI (Reuters) - The BSE Sensex ended lower on Friday in a volatile session, after both the houses of parliament were adjourned on the second day of the winter session, raising questions about the fate of proposed legislation.

Markets will now focus on the government's ability to push through reforms, while also paying close attention to the country's efforts to contain its fiscal deficit, including a 4 percent stake sale in Hindustan Copper Ltd (HCPR.NS) that was fully covered.

Global market developments will also be key as the U.S. Congress continues budget negotiations over the so-called 'fiscal cliff' and the IMF and European Central Bank meet again on Monday over aid to Greece.

"The focus over the next few weeks will remain on reforms and the fiscal cliff in the US," said Phani Sekhar, fund manager-PMS, Angel Broking. "Even the GDP data is discounted, the key is reform measures," he said.

The benchmark Sensex ended down 0.06 percent, or 10.77 points, to end at 18,506.57, gaining 1.08 percent for the week.

The broader Nifty ended 0.02 percent lower, or 1.15 points, to end at 5626.60. It added 0.94 percent for the week.

The weekly gain was the first since the week ending November 2, on value-buying for selective stocks.

Nonetheless, markets ended on a weaker note on Friday. Drug makers retreated a day after India approved a new drug pricing policy designed to increase the number of drugs deemed essential that are subject to price caps.

GlaxoSmithKline Pharmaceuticals Ltd (GLAX.NS) fell 0.7 percent, while Cipla (CIPL.NS) was down 1.4 percent.

Ranbaxy Laboratories Ltd (RANB.NS) fell 3.2 percent after recalling its cholesterol-lowering drug atorvastatin in the United States.

Cigarette maker ITC Ltd (ITC.NS) fell 0.8 percent on profit booking after gaining 3 percent in the previous two sessions.

Hindustan Copper Ltd (HCPR.NS) fell by its maximum daily limit of 20 percent, after the government set a base price of 155 rupees a share for its 4 percent stake sale, way below Thursday's closing price of 266.15 rupees.

Shares in NTPC Ltd (NTPC.NS), the state-run power producer, fell 2.75 percent after the cabinet approved on Thursday a 9.5 percent government stake sale in the company, a minister told reporters, to help rein in its ballooning fiscal deficit.

Among gainers, shares in biofuels technology company Praj Industries Ltd (PRAJ.NS) rose 9.6 percent and sugar firms Bajaj Hindusthan Ltd (BJHN.NS) rose 1.5 percent after the government said it wanted to extend ethanol blending with petrol to all states in the country from the present 13.

Reliance Industries (RELI.NS) gained 1.03 percent, helped by a continued buy-back programme which ends on Jan 19.

(Additional reporting by Abhishek Vishnoi; Editing by Prateek Chatterjee)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared


Adani Project

Adani Project

Australia approves Adani's $16 bln Carmichael coal project  Full Article 

India-U.S. Talks

India-U.S. Talks

Kerry to woo Modi's India, but quick progress unlikely  Full Article 

Paring Debt

Paring Debt

Jaiprakash to sell hydro plants to Reliance Power  Full Article 

Mideast Conflict

Mideast Conflict

U.N. Security Council calls for humanitarian ceasefire in Gaza  Full Article 

Market Eye

Market Eye

Foreign investors prefer Indian cyclicals, utilities - Macquarie  Full Article 

Debt Investment

Debt Investment

India's FII debt limit hike credit-positive, says Moody's  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage