India's stocks fall on last day of elections
Thursday, 14 May 2009
MUMBAI, May 13 (Bloomberg): India's stocks fell, led by Infosys Technologies Ltd., as investors raised concerns of political uncertainty as no political party appeared likely to emerge as a clear winner in the last day of elections.
Infosys, the country's second-largest computer-services provider, fell 1.4 per cent. HDFC Bank Ltd., the third-largest, declined 2.2 per cent. DLF Ltd., the No. 1 real estate developer, rose 6.6 per cent after its founders sold a 9.9 per cent stake.
"The market will continue to be volatile until the cat is out of the bag," said RK Gupta, who helps manage the equivalent of $41 million in equities at Taurus Asset Management Ltd. in New Delhi, referring to the outcome for the elections. Results of the polls will be released on May 16.
The Bombay Stock Exchange's Sensitive Index, or Sensex, fell 35.34, 0.3 per cent, to 12,122.69 as of 11:20 am in Mumbai, after swinging between gains and losses at least five times.
The S and P CNX Nifty Index on the National Stock Exchange lost 0.2 per cent to 3,675.70. The BSE 200 Index added 0.4 per cent to 1,433.06. SGX Nifty futures for May delivery fell 0.3 per cent to 3,677.
The country's marathon elections end today, with the world's largest democracy facing the prospect of political logjam amid the slowest economic growth in six years and rising militancy in neighboring Pakistan.
Exit polls, banned since 714 million voters began casting ballots five weeks ago, may show today that neither the ruling Congress party nor the main opposition can form a government. Pre-election surveys pointed to a hung parliament, raising the prospect of a repeat of 1996 when the new administration collapsed after just 13 days.
Infosys dropped 1.4 per cent to 1,576.4 rupees, and HDFC Bank declined 2.2 per cent to 1,163.25.
DLF jumped 6.6 per cent to 251.70 rupees, the most in more than a week. Founders of the country's biggest developer plan to raise as much as 38.64 billion rupees ($783 million) from selling a stake, according to a sale document sent to investors. The stock gained after 168.14 million shares, or a 9.9 per cent stake, changed hands, according data compiled by Bloomberg.
Suzlon Energy Ltd., India's biggest maker of wind turbines, declined in Mumbai after about 30 million shares, or 2 per cent of its equity, were traded in a single block deal at 82 rupees apiece on the National Stock Exchange. The stock lost 1.4 per cent to 79.75 rupees.
Overseas funds bought a net 1.82 billion rupees ($37 million) of Indian stocks on May 11, according to the nation's stock market regulator yesterday.
Infosys, the country's second-largest computer-services provider, fell 1.4 per cent. HDFC Bank Ltd., the third-largest, declined 2.2 per cent. DLF Ltd., the No. 1 real estate developer, rose 6.6 per cent after its founders sold a 9.9 per cent stake.
"The market will continue to be volatile until the cat is out of the bag," said RK Gupta, who helps manage the equivalent of $41 million in equities at Taurus Asset Management Ltd. in New Delhi, referring to the outcome for the elections. Results of the polls will be released on May 16.
The Bombay Stock Exchange's Sensitive Index, or Sensex, fell 35.34, 0.3 per cent, to 12,122.69 as of 11:20 am in Mumbai, after swinging between gains and losses at least five times.
The S and P CNX Nifty Index on the National Stock Exchange lost 0.2 per cent to 3,675.70. The BSE 200 Index added 0.4 per cent to 1,433.06. SGX Nifty futures for May delivery fell 0.3 per cent to 3,677.
The country's marathon elections end today, with the world's largest democracy facing the prospect of political logjam amid the slowest economic growth in six years and rising militancy in neighboring Pakistan.
Exit polls, banned since 714 million voters began casting ballots five weeks ago, may show today that neither the ruling Congress party nor the main opposition can form a government. Pre-election surveys pointed to a hung parliament, raising the prospect of a repeat of 1996 when the new administration collapsed after just 13 days.
Infosys dropped 1.4 per cent to 1,576.4 rupees, and HDFC Bank declined 2.2 per cent to 1,163.25.
DLF jumped 6.6 per cent to 251.70 rupees, the most in more than a week. Founders of the country's biggest developer plan to raise as much as 38.64 billion rupees ($783 million) from selling a stake, according to a sale document sent to investors. The stock gained after 168.14 million shares, or a 9.9 per cent stake, changed hands, according data compiled by Bloomberg.
Suzlon Energy Ltd., India's biggest maker of wind turbines, declined in Mumbai after about 30 million shares, or 2 per cent of its equity, were traded in a single block deal at 82 rupees apiece on the National Stock Exchange. The stock lost 1.4 per cent to 79.75 rupees.
Overseas funds bought a net 1.82 billion rupees ($37 million) of Indian stocks on May 11, according to the nation's stock market regulator yesterday.