Wednesday March 13, 03:30 PM
Signs of retreat... |
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By Equitymaster.com
The bourses have taken breather in the past hour. However, they are still strong as compared to yesterday. Much of these gains have come from bottom fishing in old economy blue chips. The SC's ruling against any activity in Ayodhya on March 15, relieved investors.
The BSE Sensex is at 3,567 (up 31 points) and the NSE Nifty is at 1,156 (up 6 points). The rupee is trading at Rs 48.71 per US dollar.
HLL, Reliance (RELI.BO, news) and RPL, the three heavyweights that have been on the receiving end in the last few days, saw buying at lower levels. These big 3 largely consolidated market sentiment. News that HLL is firming up its plan for the healthcare foray may be helping the positive sentiment.
Another FMCG counter, Reckitt, is strong today. The stock has firmed in the last couple of months on rumours of the management looking to increase stake in the Indian arm. These rumours gained strength as unconfirmed reports suggested Reckitt Benckiser may be considering an open offer to shareholders at Rs 250 per share. There is no official confirmation of this yet. The stock is up nearly 10% to Rs 237 levels.
Auto and selective old economy counters in pharma and commodities are strong. However, software is seeing some weakness. Market circles opine that the markets may go down further towards close.
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