Monday March 18, 02:30 PM
Weakening trend ... |
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By Equitymaster.com
Markets continue to slide on the back of selling in select pharma, banking and old economy stocks. Most of the PSUs are also witnessing buying support. Select software majors are also gaining ground. Activity is mixed in auto and commodity stocks.
The BSE Sensex is at 3,632 (up 14 points) and the NSE Nifty is at 1,174 (up 4 points). The rupee is trading at Rs 48.71 per US dollar.
With just two weeks to go in the current fiscal year, some news is expected on the disinvestment front. Government had plans to divest its stake in Maruti, the country's largest passenger car manufacturer, before March 31, 2002. The top gainers amongst PSU stocks are ONGC and HPCL. With Chevron evincing its interest in HPCL, the stock is firming up.
On the economy front, there is some positive news. Mr. Bimal Jalan, the Governor of the Reserve Bank of India, expects the Indian economy to grow at 6%-6.5% in the coming fiscal.
Activity is mixed in auto and commodity stocks. While steel stocks are up on the news of rise in prices, interest in cement and aluminium stocks is subdued. Tata Infotech (TTIN.BO, news) and Kochi Refineries have hit the 20% upper circuit levels. Corporation Bank, CMC, LML, TV 18, BPL (BPLd.BO, news) , Videocon, Videocon, HCL Infosys (HCLId.BO, news) , Pentamedia and Titan are the other prominent gainers.
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