Do More With Reuters
Partner Services

Sensex ends flat, Reliance up on unit IPO talk

Tue Feb 5, 2008 4:51pm IST
 
Email | Print | | Single Page
[-] Text [+]

By Hiral Vora

MUMBAI (Reuters) - Indian shares swung between losses and gains before ending flat on Tuesday as weak global sentiment for financials sapped banks, while top listed Reliance Industries led gains on a possible public offering in a subsidiary.

The benchmark BSE 30-share index ended up 0.02 percent, closing a mere 2.8 points higher at 18,663.16, with 16 components gaining.

The index is still 12 percent away from a life high of 21,206.77 hit on Jan. 10.

Indian banks have no exposure to the U.S. subprime mortgage crisis but nervousness towards financials affected sentiment and top private bank ICICI Bank Ltd closed down 1.7 percent while leading lender State Bank of India lost 1.9 percent to 2,228.35 rupees.

In the broader market 1,914 losers defeated 871 gainers on a total volume of more than 307 million shares.

"Factors like Reliance Power IPO has brought some buoyancy in the market, but it is just looking for external cues," said Rajesh Jain, chief executive at Pranav Securities.

"Also, this being the budget month a lot of expectations are being built up, plus the market is also keeping an eye on the foreign fund inflows."

Foreign funds, the leading force behind record highs in 2007, bought stocks worth 1.64 billion rupees ($42 million) on Monday, provisional data from the National Stock Exchange showed. They were net sellers to the tune of $4.3 billion last month.  Continued...

Dubai Debt Fears

Villas are seen on the The Palm, Jumeirah, with Atlantis, The Palm, under construction on the breakwater (crescent), May 3, 2008.  REUTERS/Jumana El Heloueh

Banks outside the Gulf played down their exposure to Dubai debt, after fears the emirate could default and even derail world economic recovery prompted a sell-off in global markets.  Full Article | Slideshow 

India Investment Summit 2009
India Investment Summit 2009

Top executives and bankers discuss their own plans and the broader opportunities and challenges for India.  Full Coverage 

Photo
People stroll outside the Taj Mahal hotel ahead of the first anniversary of the militant attacks in Mumbai, November 24, 2009.  REUTERS/Punit Paranjpe
Investors worry about another attack

The risk of militants striking again worries investors who fear that a second attack similar to last year's Mumbai raids could shake the economy.  Full Article | Full Coverage 

Market Update

  • IndiaIndia
  • USUS
  • UKUK
  • Asia
  • Most Actives

road to Copenhagen

BLOGS

Photo
Calculated Move

Reliance aims big with $12 bln bid for LyondellBasell.  Blog 

SHOWCASE

Capital Raising
Capital Raising

Analysis - China banks' rush for billions could trip markets.  Full Article 

 
Photo
Bonus Payout

"Bonus" has become a dirty word on Wall Street.  Full Article 

 
Bubble trouble?
Bubble trouble?

With the BSE Sensex at around 17,000 points, are the Indian equity markets looking at a possible bubble?   Commentary 

 
Funding Blues
Funding Blues

A popular tactic used by Indian brokerages to raise money for rich clients is likely to be banned.  Full Article 

 
Recovery Path
Recovery Path

Indian techie logging out of downturn gloom.  Full Article 

 
Central Banks Cautious
Central Banks Cautious

Reuters tracks the policies of the world's top central banks as the debate over global economic recovery rages on.   Full Coverage 

 
Risky Proposal
Risky Proposal

Rupert Murdoch courts trouble if he blocks Google on news.  Full Article