Tuesday March 5, 10:30 AM
Investors' rush in... |
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By Equitymaster.com
As was expected the markets have taken off on a firm note. The bullishness is largely triggered by the U.S bourses strengthening over the past two trading sessions. Belief that the U.S economy has seen the worst, investors' seem to be getting into equities.
The BSE Sensex is at 3,682 (up 39 points) and the NSE Nifty is at 1,191 (up 14 points). The rupee was trading at Rs 48.71 per US dollar.
With a two-day run on the U.S bourses the Indian domestic software counters cannot be very much behind. Consequently, activity in the sector has picked up. The gainers are Infy (4%), NIIT (2.7%), Sify (2.6%), HCL (HCLL.BO, news) Tech (3.3%), Wipro (4%), SSI (3%), Digital (2%), Polaris (4.5%), VisualSoft (4%) and Moser Baer (2.1%). However, the global economy does not seem to be entirely out of the woods. U.S markets are likely to keenly watch first quarter results to gauge whether improvement in the U.S economy is reflected in corporate bottomlines.
After falling in yesterday's trade, the Reliance (RELI.BO, news) Industries (1%) stock is among the gainers list. The company has announced that it will have RPL amalgamate with itself. We have estimated an annualized EPS of Rs 32 for RIL post amalgamation. Consequently, the stock is trading on a multiple of 10x 9mFY02 annualised earnings.
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