Monday January 21, 10:30 AM
Tech plunges... |
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By Equitymaster.com
With the NASDAQ and Dow ending in on a weak note last Friday, the Indian bourses have followed suit this morning. Tech counters are the major losers. However, select old economy counters are in the reckoning this morning.
The BSE Sensex is at 3,376 (down 1 point) and the NSE Nifty is at 1,089 (down 4 points). The rupee is trading at Rs 48.34 per US dollar.
Sun Microsystems loss making performance in the December quarter took the wind out of the NASDAQ sails on Friday night. Thus, Infy, Satyam, Wipro (WIPRd.BO, news) , GTL, HFCL and NIIT are in the red this morning. Market circles opine that the signs weakness in these counters is likely to escalate as the day progresses.
Cipla (CIPL.BO, news) declared its third quarter results on Saturday. The company reported a YoY 102% jump in exports, sales were up 33% but bottomline was up by only 17%. This was a result of a huge 520 basis points fall in operating margins. Consequently, the stock is in the red. Telco and Bajaj Auto (BJAT.BO, news) are also down this morning.
The other key gainers this morning are Tisco, Dr. Reddy (REDY.BO, news) , HPCL, BPCL, VSNL and MTNL (MTNL.BO, news) .
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