Tuesday April 2, 01:30 PM
Auto in limelight... |
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By Equitymaster.com
Markets have drifted lower in last one hour. However, there is good buying interest in selective pharma, auto and cement counters. The cash-forward premium on Nifty futures has bounced back to 7-8 points above the cash market.
The BSE Sensex is at 3,513 (up 13 points) and the NSE Nifty is at 1,138 (down 1 point). The rupee is trading at Rs 48.79 per US dollar.
Pharma stocks are selectively gaining buying interest. Wockhardt (WCKH.BO, news) is up 4% after the company announced that its anti-infective molecule has entered into clinical trials stage. The company is exploring out licensing opportunities for the molecule. Lupin (up 5%), Nicholas Piramal (up 3%) and Cadila (up 2%) are among the major gainers.
Hero Honda (HROH.BO, news) (up 4%) has become the single largest two-wheeler company globally. The company has indicated a volume growth rate of 30-35% in the current year. The company is also considering exporting components to countries where Honda sells its two wheelers. Bajaj Auto (BJAT.BO, news) is also up 5% after the company declared 51% volume growth in motorcycles.
Not much recovery in evident in IT counters after yesterday's fall. Infosys, Satyam and Wipro (WIPRd.BO, news) are all up only marginally. Tata Infotech (TTIN.BO, news) is however, up sharply (9%).
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