Monday March 11, 11:30 AM
Middle east concerns... |
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By Equitymaster.com
The markets have declined due concerns regarding the Middle East. Consequently, all the oil stocks are the hardest hit. However, since these stocks have witnessed significant buying the recent past, there could be an element of profit taking also. Software and auto stocks are also out of favour. The volumes are on the lower side.
The BSE Sensex is at 3,607 (down 50 points) and the NSE Nifty is at 1,172 (down 16 points). The rupee is trading at Rs 48.74 per US dollar.
Satyam (down by 3%) plans to invest US$ 40 m (Rs 2 bn) in offshore centres for the financial year 2002. These centres are to be located in the US and across the globe. In the first nine months, the company has already invested US$ 32 m (Rs 1.5 bn). Meanwhile, SSI (down 1%) has raised debt worth Rs 750 m from Union Bank of India to fund its offshore development centre in Chennai. Infy, Wipro (WIPRd.BO, news) , Digital and VisualSoft (VISO.BO, news) are witnessing similar fortunes. However, Silverline is bucking the trend and is up by 2%.
Escorts (ESCO.BO, news) that plans to raise an amount between Rs 4.5 bn to Rs 5 bn from the sales of six non-core businesses is up by 3%, even as other stocks from the auto sector witness selling.
Reliance (RELI.BO, news) Petro is down by 1%. However, HPCL and BPCL have been hit harder. While HPCL is down by 5%, BPCL is down by 4%. Reliance Industries is also witnessing selling (down 1%).
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