Friday December 28, 02:30 PM
Buying gains momentum... |
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By Equitymaster.com
Markets have bounced back into the positive zone on account of buying in software and select index heavyweights like Reliance (RELI.BO, news) Petro. Cement, financial institutions and media scrips are also edging upwards. FMCG and pharma stocks are however are weak.
The BSE Sensex is at 3,153 (up 11 points) and the Nifty Fifty is at 1,027 (up 7 points). The rupee is trading at Rs 48.23 per US dollar.
Ranbaxy Pharmaceuticals Inc, a wholly owned subsidiary of Ranbaxy, has received tentative approval from the US FDA for Midazolam syrup. This is the first tentative approval for this product granted to any generic company. The scrip is down 1% but has recovered marginally.
Banking scrips are gaining ground. The gainers include Bank of Baroda, BOI, Corporation Bank, SBI, Dena Bank (DENA.BO, news) and Vysya Bank (VYSA.BO, news) . Global Trust Bank is up 7%. Barring tractor majors like M&M and Punjab Tractors, all other auto scrips are moving up. Ashok Leyland (ASOK.BO, news) is the prominent of the lot (up 4%).
Petrochemical stocks continue to remain weak. The other key losers are Reckitt, Glaxo, Colgate (COLGd.BO, news) , Reliance, Godrej Consumers and Adlabs.
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