Tuesday November 27, 10:30 AM
Tech 'n' media revelry |
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By Equitymaster.com
The markets continue to run higher with support of the U.S bourses. Technology and media companies are once again making a comeback. Activity is seen primarily in these counters.
The BSE Sensex is at 3,362 (up 39 points) and the NSE Nifty is at 1,092 (up 11 points). The rupee is trading at Rs 48.00 per US dollar.
Technology and media stocks are leading the rally unfolding on the bourses. The continuing rise in the U.S markets is supporting sentiment of domestic traders, as they continue to push valuations higher. Among the gainers are Infy, Sify, Wipro (WIPRd.BO, news) , HCL (HCLL.BO, news) Tech, Silverline, Hughes, Polaris, PentaMedia, Global, HFCL and Digital. Among the media companies Zee, TV18, Tips and Balaji are among the gainers.
Castrol (2%) has been moving higher in the past two trading sessions. The scrip has come down significantly to reflect weakening fundamentals in the sector. Also, BP Amoco & Burmah Castrol U.K have completed the open offer for 20% stake. The rise could be due to investors believing that at these levels the valuations look attractive. Possibility that the company could be asked to pay interest over and above buyback price. Also, there could be a possibility of another buyback to de-list the stock.
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