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Markets this week
June, 27th 2009

Heavy selling in blue chips with a more than 4 per cent fall in Reliance Industries stock dragged shares lower on Monday. The other major losers were Tata Power, Hindalco, Grasim and NTPC.

The Sensex plunged 195 points, to close at 14,326 after trading between 14,269 and 14,668 in a volatile session.On the NSE the Nifty eased by 78 points, to 4,235.

United Bank of India plans to hit the capital market by December-end with an Initial Public Offering to mobilise Rs 300-400 crore, according to its Chairman and Managing Director, Mr S.C. Gupta.

Bharati Shipyard's bid to wrest control of Great Offshore Ltd took a new turn on Tuesday with ABG Shipyard, a rival company, making a counter offer to the shareholders of Great Offshore and Bharati immediately upping its offer price.

ABG Shipyard through its fully-owned subsidiary, Eleventh Land Developers, on Tuesday made an open offer to acquire 32.12 per cent stake in Great Offshore at Rs 375 per share, which is 9 per cent higher than Bharati's offer price of Rs 344 a share.

Bharati's open offer followed its acquisition of 14.89 per cent stake in the company last month. ABG also holds 2.02 per cent stake in Great Offshore.

Bharati acquired another 4.58 per cent stake in the company at Rs 403 per share, which automatically raised its open offer price (as per SEBI regulations for determining the open offer price).

Short-covering ahead of Thursday's derivatives contract expiry and a more than 3 per cent rise in Reliance Industries aided the index to end flat on Tuesday. The Sensex ended the volatile session at 14,324 and the Nifty rose by a marginal 11 points, to 4,247.

On Wednesday, the Sensex ended the day with a gain of 98 points at 14,422 and the Nifty spurted 46 points to close at 4,293. Buying in infrastructure, telecom, cement, realty, technology and short-covering in blue-chips boosted the sentiments.

State Bank of India on Wednesday said it will cut its benchmark prime lending rate by 50 basis points to 11.75 per cent with effect from June 29. SBI had earlier cut its term deposit rates by 25 basis points across all maturities with effect from June 15.

In a modification of its earlier guidelines, SEBI on Thursday said portfolio managers may keep all clients' funds in a separate bank account rather than open individual bank account for each client.

Heavy selling in auto and some blue-chips led by Reliance pulled the Sensex down on Thursday by 77 points to finish at 14,345, while the broader Nifty lost 51 points to end at 4,242.

The benchmark Sensex surged 419 points on Friday owing to broad-based buying by investors and strong European markets and settled at 14,764 and the Nifty surged 133 points to end higher at 4,375.

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