Tuesday February 26, 10:30 AM
Waiting for the budget... |
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By Equitymaster.com
Although opening on a positive note, the markets have given up some of the gains registered at the start of trading. Traders opine that volumes are low compared to those at the start of the month. Activity seems to be lukewarm across the board. U.S stocks closed higher yesterday. Asia is mixed.
The BSE Sensex is at 3,634 (up 20 points) and the NSE Nifty is at 1,172 (up 7 point). The rupee is trading at Rs 48.70 per US dollar.
With the rise in the U.S markets, investors have got into domestic tech counters. This is likely to be dominated by day traders. Consequently, the gains could evaporate by end of day. It will also depend on the performance of global markets. Among the gainers this morning are Infy (1%), Sify (1.7%), Wipro (1%), Hughes (2%), Digital (1%) and HCL (HCLL.BO, news) Tech (2%).
Telco (1.6%) continues to attract investors. The company was in the doldrums 6-8 months back. However, a reversal in passenger and commercial vehicles has enabled the company to chart a turnaround. However, the March and April stock futures are quoting negative cost of carry, which indicates that the markets are not bullish on the counter.
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