Tuesday April 9, 01:30 PM
Eye on Middle East... |
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By Equitymaster.com
Though the Wall Street futures are marginally up currently, IBM's warning continues to bog down domestic software sentiment. The Israel-Palestinian stand off and the resultant strengthening of oil prices is another dampener to overall sentiment. Volumes are low.
The BSE Sensex is at 3,462 (down 18 points) and the NSE Nifty is at 1,127 (down 8 points). The rupee is trading at Rs 48.92 per US dollar.
Infosys, Satyam, Wipro (WIPRd.BO, news) , Silverline and VisualSoft (VISO.BO, news) are among the key losers in software. The HCL companies are however in the black. Mphasis BFL's encouraging FY02 results have also kept this counter among the gainers list. The company's net profit rose to Rs 409 m as against Rs 13 m a year ago. Its revenues too increased by 15% to Rs 3.1 bn as against Rs 2.7 bn a year ago.
The banking sector is largely lacklustre today. SBI, UTI Bank (UTBK.BO, news) , Vysya Bank (VYSA.BO, news) and GTB are in the red. ICICI Bank (ICBK.BO, news) and HDFC Bank (HDBK.BO, news) are lacklustre. However, IDBI Bank (IDBK.BO, news) is in action. The stock is up by 4.5% on reports that ABN is in talks with IDBI (IDBI.BO, news) to pick up a 26% stake in IDBI Bank. Yesterday too, IDBI Bank was among the gainers over IDBI's announcement that it is looking to exit from IDBI Bank by gradually selling of its stake.
PSUs are taking a breather today and FMCG counters too are lackluster. HLL is marginally up, but is showing signs of weakness. Tobacco major, ITC (ITCd.BO, news) , is again the red.
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