Tuesday January 8, 11:30 AM
Profit taking in software stocks... |
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By Equitymaster.com
The players seem to finally have had enough and are booking profits in software stocks. The stock futures of Infosys, Digital and Satyam were quoting below their spot price at close yesterday. The software stocks have run up quite sharply in the past few trading sessions. However, auto and pharma scrips are witnessing buying.
The BSE Sensex is at 3,402 (no change) and the NSE Nifty is at 1,099 (down 1 point). The rupee is trading at Rs 48.29 per US dollar.
Satyam has completed all formalities for buying out the software services business of Sify. Sify's software business has customers spread across US, India and Australia and had revenues of US$ 4.2 m (Rs 201 m) in 1HFY02 and has about 200 employees. The merger will increase Satyam's topline by 2%. The stock is up by 1.7%. However, all software stocks are witnessing selling. Those already in the red in include Wipro (WIPRd.BO, news) , Infy and VisualSoft (VISO.BO, news) .
SEBI has found that Centurion Bank was also involved in circular trades in Lupin. The stock is down by 8%. Others banks that are witnessing selling include SBI, ICICI Bank (ICBK.BO, news) and HDFC Bank (HDBK.BO, news) .
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