Tuesday January 22, 10:30 AM
Early positivism... |
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By Equitymaster.com
The bourses have opened on a strong note. Buying is seen in cement and leading tech pivotals. Selective interest is also being seen in FMCG, pharma and auto pivotals. However, volumes have yet to pick up.
The BSE Sensex is at 3,391 (up 9 points) and the NSE Nifty is at 1,095 (up 4 points). The rupee is trading at Rs 48.28 per US dollar.
HLL is up this morning. The company is due to declare its annual results early today. Nestle too is marginally up. Tata Tea (TTTE.BO, news) has lost ground this morning owing to its lacklustre 3QFY02 results declared last evening. The company reported a 2% drop in topline and a 17% decline in profits. However, it was the hit its operating margins took, that seem to have worked against the company.
Tech pivotals like Infy, NIIT, Satyam and Wipro (WIPRd.BO, news) are gaining ground. Satyam may be up because some companies are rumored to be showing interest in buying stake in its subsidiary, Sify.
Among auto Telco and Hero Honda (HROH.BO, news) are early gainers. Bajaj Auto (BJAT.BO, news) is however down. Among pharma Dr. Reddy (REDY.BO, news) , Cipla (CIPL.BO, news) and Glaxo have taken the early lead but Ranbaxy is lacklustre. Dr. Reddy's is currently above the Rs 1,000 mark.
Cement majors are strong this morning. ACC, L&T, Guj Ambuja and Grasim, all have gained 1% or more. Among the key losers this morning are Zee, Reliance (RELI.BO, news) , RPL and ITC (ITCd.BO, news) .
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