Wednesday May 8, 01:30 PM
Software gains... |
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By Equitymaster.com
The markets are moving higher pushed by Infosys and HLL. Second rung software stocks are trading actively. Rolta, Global Tele (GLBL.BO, news) and Satyam are the most active stocks. Selective banking and pharma stocks are also in focus. Nifty futures are trading flat compared to spot.
The BSE Sensex is at 3,443 (up 19 points) and the NSE Nifty is at 1,119 (up 8 points). The rupee is trading at Rs 48.96 per US dollar.
ICICI Bank (ICBK.BO, news) is witnessing good buying interest (up 4.9%) after the bank declared better than expected quarterly performance. Its parent ICICI (ICIC.BO, news) has transferred the shares held by it in ICICI Bank to a trust to be held for the benefit of the merged entity. It will sell these shares before FY03.
Infosys has indicated that Eastman Chemical Company is expanding its business with it, driven by cost savings from software outsourcing. The US based plastic bottle maker is ramping up work 18 months after Infosys completed for it projects to do business over the Internet. Infosys is up by over 2%.
FMCG stocks are up marginally. Nestle India has indicated cautious outlook for future due to lower GDP growth, uncertain political stability and raw material prices. The company however, expects to sustain performance through better sales growth, profit margins and capital efficiency. Nestle is one of the prominent gainers among its peers (up 1.5%).
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