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Markets in red on profit sales; KFA, Jet gain on deal talk

By Firstbiz Staff

The Indian equity markets closed in the red for the fourth consecutive session on mild profit booking.

The Sensex closed at 19340, down 0.25 percent, while the Nifty closed at 5888, down 0.18 percent.

India's factory output in October grew 8.2 percent on year, much higher than expected. The data had shown a decline in September. The September print has been revised to -0.7 percent from provisional -0.4 percent.

S&P yesterday again warned that India still faced a downgrade possibility in its sovereign rating to junk grade.Reuters

"Much better performance in the second half was expected, however 8.2 percent growth beats expectation," said C Rangarajan,chairman of the Prime Minister's Economic Advisory Council.

The government has reached an agreement with the opposition for the passage of the banking regulations amendment bill in parliament, Finance Minister P Chidambaram told reporters on Wednesday.

Standard & Poor's yesterday again warned that India still faced a downgrade possibility in its sovereign rating to junk grade if reforms are not implemented while Moody's felt the country's growth prospects for 2013 have improved.

Stocks in news

Tech Mahindra closed 4 percent up after British Telecom sold its remaining 9 percent stake in the company at a floor price of Rs 855.

NMDCclosed down 3 percent after the govt launched 10 percent stake sale in the state-run miner.

Companies that investors believe will be among the first to obtain a banking licence gained: L&T Finance Holdings closed 4.15 percent, Mahindra & Mahindra Financial Services closed 0.50 percent up, Reliance Capital4 percent.

Hindustan Unilever closed 3 percent down on worries that it will face higher royalty payments to parent firm Unilever PLC , Reuters reported.

Both Kingfisher Airlines and Jet Airways closed above 4 percent on news reports that Etihad Airways is in talks with both airlines to pick up stake in one of them.

by Firstbiz Staff

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