Tuesday January 15, 01:30 PM
Markets on profit booking drive... |
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By Equitymaster.com
Last one hour has seen heavy selling pressure on the bourses. Profit booking is evident in stocks, which have seen a sharp rise in last few days. IT heavyweights are down marginally. Nifty futures are currently trading at par to the cash market.
The BSE Sensex is at 3,361 (down 47 points) and the NSE Nifty is at 1,096 (down 14 points). The rupee is trading at Rs 48.27 per US dollar.
Tata Chemicals is up 1.5%. The company is expected to declare encouraging results on the back of strong soda ash prices. The buyback programme of the company is also on. The company has received shareholder approval to buyback 15% of its equity through open market purchases at a maximum price of Rs 60.
Sun Pharma (SUN.BO, news) is up 1%. The US subsidiary of the company, Caraco Pharma, has declared that it has crossed the crucial million-dollar mark for Dec'01, with five products now in place. The company expects to receive 5 more approvals in the current year.
HDFC Bank (HDBK.BO, news) is ruling strong, after the company declared encouraging results yesterday. The stock is up 3% currently. Hughes Tele.com is down 1.3%. The company has added 17,000 new subscribers in last quarter. Though the addition is encouraging it is unlikely to meet its target of 0.2 m customers by year-end. Also, it reported higher loss in 3QFY02 as compared to its third quarter a year earlier.
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