Wednesday January 16, 02:30 PM
Bourses in positive... |
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By Equitymaster.com
The markets have recovered in the past hour and are in the positive territory. The rupee too has strengthened after sliding a bit this afternoon. There is buying at lower levels for top rung IT stocks. Old economy is contributing through interest in auto pivotals.
The BSE Sensex is at 3,360 (up 7 points) and the NSE Nifty is at 1,095 (up 1 point). The rupee is trading at Rs 48.29 per US dollar.
As expected, Bajaj Auto (BJAT.BO, news) has declared excellent results in 3QFY02. Its quarter earnings stood at Rs 1,082 m (up 93% YoY excluding extraordinary items). Production and sales were up 16% and 27% respectively as compared to corresponding quarter in the previous year. The stock is however in the red. However, other auto majors like Hero Honda (HROH.BO, news) and Telco have gained.
Software majors are back in the reckoning as investors seek to buy them at lower levels. These gainers include Infosys, Tata infotech (TTIN.BO, news) , Wipro (WIPRd.BO, news) , HCL (HCLL.BO, news) Tech and Satyam. The strength on the Wall Street last night seems to be slowly reflecting on the Indian tech stocks.
Cement is lacklustre today. ACC and L&T are in the red. Guj Ambuja and Grasim are marginally up. Among other pivotals, SBI and ITC (ITCd.BO, news) have provided support to the Sensex, whereas weakness in HLL and Ranbaxy has weakened the upturn.
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