Monday April 29, 10:30 AM
Policy no trigger... |
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By Equitymaster.com
Monday morning blues seem to have hit markets, with the benchmark indices headed lower. The slack season monetary policy will be announced today but has not led to any optimism. Markets are expecting a phase-wise cut in CRR. U.S markets closed sharply lower on Friday. Asia trades lower.
The BSE Sensex is at 3,349 (down 23 points) and the NSE Nifty is at 1,087 (down 10 points). The rupee is trading at Rs 48.98 per US dollar.
Among the sharp gainers this morning is IPCL (6.5%), the public sector petrochemical major. The stock is on a run, as today the financial bids for the Government's 26% in the company open. Three bidders are expected to be in the fray, Reliance (RELI.BO, news) , Nirma (NRMA.BO, news) and IOC. However, there are talks that IOC after the bidding could join hands with Gail (GAIL.BO, news) . The results are likely to be announced shortly.
Although P&G (1.2%) declared poor results for the quarter ended March '02, the scrip is trading higher this morning. The company reported an 11% slide in sales and a sharp 42% drop in profits. However, on 9 months annualised earnings the scrip is trading on a multiple of 11x. This could have attracted investors' into the counter.
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