Wednesday April 3, 10:30 AM
Red opening... |
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By Equitymaster.com
Weakness in software companies has led to a red open for the bourses. Sluggishness on the Wall Street last night seems the guiding light for this. Commodities are weak and profit taking can be seen in yesterday's gainers.
The BSE Sensex is at 3,491 (down 15 points) and the NSE Nifty is at 1,131 (down 6 points). The rupee is trading at Rs 48.86 per US dollar.
Software sector is in the red. A weak Wall Street is largely responsible for this pessimism. Infosys, Satyam, Wipro (WIPRd.BO, news) and HCL (HCLL.BO, news) Tech are the major losers this morning. However, among media companies, Zee, is the early gainer. The company's fortunes seem to be reviving with the encouraging response to its new soap 'Jeena Isi Ka Naam Hai'. It has lined up other new programmes to perk up its fledging TRP ratings.
MTNL (MTNL.BO, news) is the major loser this morning. The stock seems in the midst of a profit taking bout post a stellar run yesterday. The same is the case with two wheeler majors, Bajaj Auto (BJAT.BO, news) and Hero Honda (HROH.BO, news) . Both stocks are in the red today, in contrast to being the key gainers yesterday. The auto sector as a whole is sluggish this morning.
HLL continues to display weakness. The stock was among the major losers yesterday and it looks as if the losing streak is going to continue. Other index heavyweights, RIL and RPL, have also had a weak opening.
Investment and finance companies are gaining. Reliance (RELI.BO, news) Capital, Kotak Mahindra, Crisil (CRSL.BO, news) and IFCI are the key gainers. Birla group companies like Indal and Indo Gulf (IGLF.BO, news) are up sharply.
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