Thursday February 14, 02:30 PM
Oldies glitter... |
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By Equitymaster.com
The bourses continue to be driven by buying in PSU counters. Buying in select index pivotals has also given the bourses strength at current levels. However, weakness in HLL has caused the indices to retrace their steps marginally.
The BSE Sensex is at 3,543 (up 23 points) and the NSE Nifty is at 1,145 (up 10 points). The rupee is trading at Rs 48.69 per US dollar.
The sentiment continues to be positive. It looks as if the markets are awaiting another shot in the arm backed by government policies. There is positive expectation in the air with the budget coming up. Volumes continue to be healthy. Old economy counters are witnessing the maximum buying.
However, investors need to view this spurt in sentiment with caution. One must remember that the bourses had run up quite a bit pre-budget only to crash post-budget.
PSUs continue to be market favourites. RCF, Hindustan Organics, ONGC, HPCL, BPCL, IPCL, VSNL and MTNL (MTNL.BO, news) are key gainers. Engineering companies like Bhel (BHEL.BO, news) , ABB, Siemens (SIEM.BO, news) , Ingersoll (INGR.BO, news) Rand and SKF Bearings are also being favoured. Index pivotals Infosys and Reliance (RELI.BO, news) are also up.
Among FMCG, HLL is witnessing profit taking after running up quite a bit in the last few days. Reckitt, Gillette, Tata Tea (TTTE.BO, news) and Cadbury are also down. However, Trent (TREN.BO, news) and P&G have emerged as the key gainers owing to their low valuations.
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