Tuesday March 26, 10:30 AM
Sentiment stays weak... |
|
By Equitymaster.com
With the absence of any near term drivers, investors' seem to be feeling safer to pull out of the markets. After losing significantly last week, markets have drifted lower this morning. Dampening the sentiment is the U.S markets, which ended lower on Friday. Asia is trading mixed.
The BSE Sensex is at 3,497 (down 19 points) and the NSE Nifty is at 1,133 (down 5 points). The rupee is trading at Rs 48.77 per US dollar.
Among the gainers this morning is Chennai Petroleum Corp. Ltd (15%). After talks of BPCL contemplating merging its subsidiary, Kochi Refineries, Indian Oil (IOC) has also stated that it is considering the merger of its subsidiaries Chennai and Bongaigaon Petrochemicals with itself. This has led to hightened activity on these counters.
The second rung banking stocks are attracting some investor interest this morning, as mergers and acquisitions in this group heats up. As per reports, ABN AMRO, the dutch bank, is considering the acquisition of GTB from its south-India promoters. The GTB scrip is higher by 5%. IDBI Bank (IDBK.BO, news) (1.5%) is also on the buyers list. The parent, IDBI (IDBI.BO, news) , has stated that the company can look for placing 26% equity stake with a strategic investor.
|
