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

Stocks

   

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)

FILED UNDER:
Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

Barack Obama in India

Reuters Showcase

Coal Mining

Coal Mining

India to open coal to commercial mining firms soon, minister says  Full Article 

RBI Loan Rules

RBI Loan Rules

RBI relaxes overseas loan recast rules   Full Article 

E-commerce Firms

E-commerce Firms

Amazon, e-commerce rivals fuel commercial property boom in India  Full Article 

Growth Forecasts

Growth Forecasts

Indian economic growth forecasts pegged back, despite rate cuts: Reuters Poll.  Full Article 

Uber is Back

Uber is Back

Uber back in Delhi; govt says must await approval.  Full Article 

Markets at Record

Markets at Record

Sensex rises to record after ECB stimulus programme.  Full Article 

Pharma Sector

Pharma Sector

Ipca Labs hit by FDA ban on plant for standard violations.  Full Article | Related Story 

Forex Reserves

Forex Reserves

India FX reserves at record high as RBI fortifies defences  Full Article 

QE for Euro Zone

QE for Euro Zone

ECB launches 1 trillion euro rescue plan to revive euro economy.  Full Article 

Reuters India Mobile

Reuters India Mobile

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