Tuesday April 30, 11:30 AM
Tech, pharma in favour... |
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By Equitymaster.com
The technology stocks that drew flak during yesterday's trading seem to have found some takers. There is also buying interest in pharma stocks after a spate of better than expected numbers from the sector. Oil PSUs are also witnessing buying interest. Volumes are, however, on the lower side.
The BSE Sensex is at 3,312 (up 11 points) and the NSE Nifty is at 1,080 (up 6 points). The rupee is trading at Rs 48.98 per US dollar.
Rolta has reported of a 2% rise in revenues in 1QFY03 (on a YoY basis). The net profits too have grown inline with the rise in topline. The stock witnessed significant volumes yesterday and was up sharply during the days trading. The stock is continuing to witness buying and is up 1.5%. Geometric that is planning to set up a subsidiary in Singapore is down by (1.6%). NIIT (4.5%) and SSI (4.5%) that took a severe beating yesterday are also in favour.
BSES is reconsidering the future of its infocom subsidiary. According to a leading business daily, the company is considering either to induct a strategic partner or to close down the subsidiary. The company has so far invested about Rs 400 to Rs 500 m in the subsidiary. The stock is up 0.7%. Tata Power (TTPW.BO, news) is also witnessing buying and is up by 0.4%.
Among the index heavyweights, HLL is witnessing selling and has fallen below Rs 200 levels. ITC (ITCd.BO, news) and RIL are in witnessing buying interest. Momentum stocks GTL (7%) and HFCL (3%) are also in favour. Among the oil PSUs, IPCL, HPCL and BPCL are witnessing buying. ONCG is up sharply. The company is likely to become debt free in the near future.
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