Monday April 22, 10:30 AM
Pessimism still prevails... |
|
By Equitymaster.com
Investors' continue to pull out of equities leading to weakness on the bourses. Activity is lukewarm at start of a fresh week. Possible slowdown in reforms, delay in privatisations and political uncertainty has soured sentiment. Asian markets are trading flat.
The BSE Sensex is at 3,346 (down 18 points) and the NSE Nifty is at 1,093 (down 7 points). The rupee is trading at Rs 48.89 per US dollar.
Technology is among the key losers this morning. Markets seem to have been disillusioned by the below than expected performance of Wipro (WIPRd.BO, news) . The uncertainty in the sector is making it difficult to predict any improvement in the sector. Every time belief rises that the worst is over, the sector negatively surprises. NASDAQ continues to remain weak with trouble in telecom and internet stocks. Among the losers for the day are Infy (1.3%), Wipro (1.8%), HCL (HCLL.BO, news) Tech (1%), Digital (1.2%) and Polaris (1.5%).
Among auto stocks Telco (3%) is experiencing a sharp round of selling. The scrip has charted a strong comeback from the lows last year. However, the reversal in the Indica fortunes have been factored in and outlook for the main business, commercial vehicles, remains uncertain. Also, the company is planning to launch a sedan version of the Indica. Success in the passenger car business is on the line. As per reports, exports of the company have declined in FY02.
|
