Tuesday April 30, 12:30 PM
Narrow range movements... |
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By Equitymaster.com
Markets have moved further up in the last one hour on the back of strong buying interest in frontline IT and select pharma stocks. Oil exploration and refining companies are also witnessing buying interest. Nifty futures are trading at a sharp premium to the cash markets.
The BSE Sensex is at 3,329 (up 28 points) and the NSE Nifty is at 1,084 (up 10 points). The rupee is trading at Rs 48.98 per US dollar.
FMCG stocks are a mixed bag. Godrej Consumer is up 9% after the company declared encouraging results for FY02. The company has announced second buyback program of Rs 100 m through open market purchases at a maximum price of Rs 100. The company has already bought back 2.5% of its equity capital in the first round of buyback program. ITC (ITCd.BO, news) is another major gainer. The stock was trading at its historic 52-week low. HLL and Gillette are among the prominent losers.
Pharma stocks are up selectively after spate of result announcement yesterday. Ranbaxy (up 1%) is recovering from lower levels. Cipla (CIPL.BO, news) is trading strong and is up 2% after the company reported a strong fourth quarter results. Nicholas Piramal is however, down 2%. The company reported a 70% rise in topline on a merged basis with Rhone Poulenc. However, profits dropped 27% on the back of high one time restructuring expenses.
PSU stocks are witnessing renewed buying interest. HPCL (up 4%), BPCL (up 3%), ONGC (up 6%), IOC (up 3%), IPCL (up 5%) and MTNL (up 3%) are among the major gainers.
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