Thursday May 16, 10:30 AM
Tired markets... |
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By Equitymaster.com
Markets have opened lower this morning. With the absence of triggers, investors seem to be sitting on the sidelines. The U.S markets were mixed yesterday. Confusion over the PM's statement led to nervousness in the markets yesterday. The mood does not seem to have changed.
The BSE Sensex is at 3,372 (down 24 points) and the NSE Nifty is at 1,104 (down 4 points). The rupee is trading at Rs 49.05 per US dollar.
The banking and finance sector is weak in the morning trading session. Among the losers are HDFC (1%), ICICI (2.5%), IDBI bank (IDBK.BO, news) (1%) and ICICI Bank (ICBK.BO, news) (3.6%). Despite recently announcing healthy profits, HDFC counter is attracting selling. As per reports, the Indian home finance sector could experience a rate war. SBI is expected to further cut rates. With a flurry of new entrants competition has increased. The challenge now seems to be becoming visible.
ICPL (4.4%), the petrochem major, seems to be back on the traders buying list for the day. With the Government once again vacillating on the issue, the uncertainty, like always, is breeding rumours. As per reports, Reliance (RELI.BO, news) Industries has bid aggressively for the company, as also Nirma (NRMA.BO, news) . Earlier reports stated that IOC had bid aggressively. The aggressive story now seems to have run its course.
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