Tuesday February 5, 12:30 PM
Fancy for banks... |
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By Equitymaster.com
The markets are drifting lower on steep selling pressure in index heavyweights, Reliance (RELI.BO, news) group companies. Banking stocks continued to attract strong buying interest. In the derivatives market, all the series of Nifty futures are trading in line with the spot markets.
The BSE Sensex is at 3,302 (down 15 points) and the NSE Nifty is at 1,075 (down 2 points). The rupee is trading at Rs 48.69 per US dollar.
Second rung private banking stocks are attracting strong buying interest. Vysya Bank (VYSA.BO, news) , Global Trust Bank and UTI Bank (UTBK.BO, news) have flared up sharply. Expectations of strategic stake sale by these banks have generated buying interest on these counters. PSU banking stocks are up marginally.
IDBI (IDBI.BO, news) is up marginally. The institution has given a mandate to ICRA (rating agency) for identifying a housing finance company, which will enable IDBI to enter the housing finance segment.
Among the media stocks, Mukta Arts is in demand (up 1.2%). The company has invested Rs 300 m in two new movies, which will be released before the end of current fiscal. The company has set up a story development workshop, the first of its kind in the Indian film industry. This will help in creating a bank of stories and scrips for content creation, which can be, used both for the film as well as television medium. Other stocks from the sector in general are in red. Balaji is the largest loser.
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