Thursday April 11, 10:30 AM
Worries pass by... |
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By Equitymaster.com
Investors have taken to stocks this morning. With Infosys not disappointing the street, markets seem to be more comfortable with technology counters. Also, improving the sentiment was the rally on Wall Street. Asian markets are also trading higher.
The BSE Sensex is at 3,506 (up 26 points) and the NSE Nifty is at 1,146 (up 7 points). The rupee is trading at Rs 48.9 per US dollar.
Among the gainers this morning are power companies. They include BSES (1.5%) and Tata Power (TTPW.BO, news) (1.1%). BSES and Tata Power have bid for the distribution business of Delhi Vidhyut Board (DVB). BSES has bid for two circles while Tata Power has bid for one. This could have sparked the buying in the stocks. However, the Board is scrutinizing bids, as the companies have indicated lower than prescribed reduction in distribution losses.
The petrochemical majors are on the move. Among the gainers are IPCL (1.5%) and RIL (1%). The petrochemical cycle is witnessing a turnaround, especially polymer prices, which have been on the rise. Also, the latest rise in product prices to some extent has been triggered by higher raw material costs. This indicates, to an extent, pricing power returning to the industry.
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