Friday March 8, 11:30 AM
Tech's out of favour... |
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By Equitymaster.com
Greenspan's optimism on the US economy has not been bought by the Indian bourses. Software scrips are witnessing profit booking, while select second rung stocks are in favour. Auto and cement stocks are also out of favour. Volumes on the bourses are on the lower side.
The BSE Sensex is at 3,667 (down 23 points) and the NSE Nifty is at 1,193 (no change). The rupee is trading at Rs 48.77 per US dollar.
Telco is planning to increase the contribution from exports to 15% of total revenues (from the current 11%) in the next three to five years. The stock is up by 3%. Telco's stock futures were trading at a significant premium to the spot price yesterday. The company's recent launch of concept car 'Indiva', and its plans to sell 'Indica' as a global brand has sparked buying interest. However, others from the auto sector are witnessing selling. The loser's list includes Bajaj Auto (BJAT.BO, news) and M&M.
Among the technology stocks frontline stocks that include Infosys, Satyam and HCL (HCLL.BO, news) Tech are out of favour. These stocks are witnessing a profit booking after running up sharply yesterday. However, Wipro (WIPRd.BO, news) is up by 2%. This could be due to positive outlook from the management regarding the future IT spends in the US. Buying interest is concentrated on second rung tech stocks like VisualSoft (2%) and Polaris (3%).
Erstwhile momentum stocks are backing in reckoning. GTL is up sharply by 7%. HFCL has also gained and is up by 3%. Zee, however, has managed to gain only 1%.
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