Tuesday January 29, 10:30 AM
Market still sleepy... |
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By Equitymaster.com
Markets over the past two weeks seem to be drugged, recording listless activity. The absence of triggers is keeping investors on the sidelines. Also, with the budget around the corner investors' could be playing a wait 'n' watch game, which is contrary to past trends.
The BSE Sensex is at 3,325 (up 7 points) and the NSE Nifty is at 1,073 (up 2 points). The rupee is trading at Rs 48.34 per US dollar.
Some of the refinery stocks are witnessing selling pressure. The losers include HPCL (2%), BPCL (1%), RPL (1%) and MRPL (3%). As per reports, the A.V. Birla group is negotiating with HPCL to acquire majority holding in MRPL (MRPL.BO, news) . A.V. Birla group will subscribe to the additional capital at Rs 10 per share. However. HPCL has yet to revert to the group on their stand. Meanwhile, the company continues to bleed due to poor refining margins and heavy debt burden.
Some of the Indian Pharma majors are in the gainers list this morning. Ranbaxy (1%) and Dr. Reddy (REDY.BO, news) (1%) are expected to declare results today. Having made a successful entry into the U.S generic market, the companies are expected to post a healthy top and bottomline growth.
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