Friday March 15, 01:30 PM
Markets lose momentum ... |
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By Equitymaster.com
Selling in software and select auto stocks has resulted in markets losing some gains in the last one hour. PSU stocks however, were back in action. Select FMCG, banking and pharma stocks are also in demand. Markets seem to have taken a cautious stand.
The BSE Sensex is at 3,605 (up 24 points) and the NSE Nifty is at 1,167 (up 8 points). The rupee is trading at Rs 48.71 per US dollar.
Amongst the one of the top gainer is Titan. Though the company's topline has been growing at an impressive rate in the past, margins have come under significant pressure in light of increased competition both from international players as well as cheaper imports. Raw material costs also have been affecting operating margins. The company has plans to tap primary market by way of a rights issue. Probably that has resulted in this buying interest. Titan is up 7%.
Kochi Refineries and Saregama have hit the 20% circuit level. Trent (TREN.BO, news) , which hit the 20% level in the morning, has come down marginally. The stock is at its new 52-week high of Rs 118 per share. Escorts (ESCO.BO, news) , which hopes to raise around Rs 4.5-Rs 5.5 bn by exiting from non-core businesses, is also up sharply. The company hopes to reduce debt in the coming fiscal, which augurs well for the company. The stock is up 9% on the back of institutional buying interest.
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