Thursday January 17, 10:30 AM
Re-thinking the rally... |
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By Equitymaster.com
The bourses continue to reflect underlying uncertainty with no clear direction emerging. Having run up investors' are looking for fundamental indicators to support the rise, which do not seem to be coming. U.S markets closed sharply lower. Asian markets are also down.
The BSE Sensex is at 3,331 (down 18 points) and the NSE Nifty is at 1,084 (down 6 points). The rupee is trading at Rs 48.31 per US dollar.
The NASDAQ, which has been seeing some weakness over the past week, has once again ended below 2,000. Fears of the economy not picking up as expected is resulting in second thoughts among investors. Consequently, the dullish sentiment is reflecting on domestic tech counters. Among the losers are Infy, Wipro (WIPRd.BO, news) , HCL (HCLL.BO, news) Tech, Visual, HFCL and Global.
Among auto stocks, M&M (5.4%) is continuing its sharp run on the bourses. As per reports the company has increased market share in the utility vehicles market. Also, tractor inventory has reportedly been reduced. With markets expecting an agricultural led recovery tractor markets could be in for a favourable year.
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