Monday April 22, 12:30 PM
Demand for media... |
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By Equitymaster.com
The markets are trading in a narrow range with activity concentrated around software stocks. Satyam, NIIT and Global Tele (GLBL.BO, news) are the most active stocks. In the derivatives market, Nifty futures are trading at a premium of 7-14 points compared to spot.
The BSE Sensex is at 3,354 (down 10 points) and the NSE Nifty is at 1,097 (down 3 points). The rupee is trading at Rs 48.90 per US dollar.
Hughes Tele.com is seeking a partner and has begun negotiations with Tata Teleservices and Reliance (RELI.BO, news) Infocom for a stake. For Hughes and Tatas, this is the second time after they had entered into MoU last year, which was later cancelled. Hughes Tele's stock is down marginally. MTNL (MTNL.BO, news) is the key loser (down 1.3%).
Cement stocks are witnessing subdued activity. Cement prices in North India are expected to rise. The cement markets of Uttar Pradesh, Bihar and Madhya Pradesh may see a shortfall in supply this year. As a result, cement prices could firm up in these markets. ACC and Gujarat Ambuja are down by over 1%.
Selective media stocks are witnessing strong buying interest. Balaji Tele (up by 6%) has hit its new high. Mukta And PNC are the other prominent gainers.
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