Friday May 3, 01:30 PM
Slide intensifies... |
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By Equitymaster.com
The bourses have weakened in the past hour. Selling pressure in key software pivotals and oil PSUs is largely responsible for this decline. Moreover, index pivotals are also running out of gas and thus unable to stem the slide. Selective buying is visible in pharma and banks.
The BSE Sensex is at 3,368 (down 5 points) and the NSE Nifty is at 1,092 (down 1 point). The rupee is trading at Rs 48.96 per US dollar.
Post the NASDAQ's decline last night, the domestic software sector seems to be in a profit-taking mood. Digital, Infosys and Satyam, which had gained yesterday, are in the red. So are Wipro (WIPRd.BO, news) and Hughes Software. Though these pivotals are in the red, the decline is not too significant, indicating support for these counters.
In FMCG, HLL continues to be lackluster. The stock is marginally up, but its movement is of no consequence. The stock seems to have found support at Rs 203 levels, post its disappointing 10% decline in topline growth during 1QFY03. Godrej Consumer too is lackluster. The stock has been one of the key movers in the sector over the last few months owing to good performance and management focus.
After gaining yesterday, Nestle is taking a breather. The company had declared very strong topline and bottomline growth in 1QFY03 (17% and 55% respectively). Tata Tea (TTTE.BO, news) and Tata Power (TTPW.BO, news) too are taking it easy. Both counters had gone up owing to news an interim dividend soon.
Commodities are in the red today. These include Tisco, Hindalco (HALC.BO, news) , Indo Gulf (IGLF.BO, news) and Indal. Among cement, Grasim is steady, post a nearly 7% rise yesterday. The company had declared encouraging FY02 results yesterday. Other cement majors, ACC, Guj Ambuja and L&T are marginally up. Reliance (RELI.BO, news) companies continue to gain after the battering they received on news of their officials' arrests.
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