Tuesday March 5, 01:30 PM
IT stocks in limelight... |
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By Equitymaster.com
After marginal profit booking, IT stocks are again in the limelight. Frontline FMCG stocks and Reliance (RELI.BO, news) companies are not showing any signs of recovery. Markets have remained steady in the last one hour. Nifty futures are trading at a sharp discount to the cash markets.
The BSE Sensex is at 3,667 (up 24 points) and the NSE Nifty is at 1,186 (up 9 points). The rupee was trading at Rs 48.69 per US dollar.
Glaxo is up 2% after the company declared better than expected results. On a consolidated basis, with SmithKline Pharma, though the company has recorded a 10% decline in revenues, PBT margins have shown a sharp improvement for the fourth quarter. The company has written off the entire restructuring and VRS expenses in the current year. Aventis Pharma (up 3%), Lupin Ltd (up 2%) and Nicholas Piramal (up 2%) are among other major gainers.
Hero Honda (HROH.BO, news) (up 3%) is gaining buying interest for the second consecutive day after the company declared encouraging two wheeler sales numbers for the month of February. Other frontline auto stocks are also up, which include Bajaj Auto (BJAT.BO, news) (up 3%), M&M (up 3%) and Ashok Leyland (ASOK.BO, news) (up 1%).
Infosys (up 5%), Wipro (up 2%), HCL (HCLL.BO, news) Tech (up 3%), Satyam (up 3%) are among the major gainers in IT stocks.
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