Wednesday January 16, 12:30 PM
Markets slides further... |
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By Equitymaster.com
The markets are sliding lower with increasing selling pressure in the index pivotals. Old economy stocks are the largest losers. Media and banking stocks are up selectively. In the derivatives market, Nifty futures are trading at a premium of 2-4 points compared to spot.
The BSE Sensex is at 3,338 (down 15 points) and the NSE Nifty is at 1,087 (down 7 points). The rupee is trading at Rs 48.31 per US dollar.
After having run up sharply, Telco is attracting selling pressure at higher levels. In the last nine months, FIIs have hiked their stake in the company by 6.8% to 13.3% mainly due to a revival in its car sales. The company recently started taking up outside projects for the manufacture of various equipments including dyes, forging and casting. It is also planning to assemble vehicles for other auto manufacturers, including multinationals, so as to fully utilise its capacities and shore up profits.
Among the frontline software stocks, HCL (HCLL.BO, news) Tech is up marginally. The company has announced a deal with Motorola to provide design services to the US firm. TV-18 is the largest loser among the media stocks. The company reported a 13% drop in its December quarter profits. Zee is losing ground ahead of its third quarter results to be declared today. Balaji (up 6.6%), Crest (up 5.5%)and Saregama (up 6.6%) on the other hand, are bucking the trend.
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