Friday May 17, 10:30 AM
Skid on retaliation |
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By Equitymaster.com
Markets continue to head lower, as investor skittishness increases with fears of possible reaction to the terrorist attacks in Jammu. Reports suggest that the military forces support a sounding reply to the attack. The U.S markets closed positive yesterday and Asia is trading higher.
The BSE Sensex is at 3,333 (down 23 points) and the NSE Nifty is at 1,083 (down 10 points). The rupee is trading at Rs 49.04 per US dollar.
Among the sharp losers this morning, is the polyester major, Indo Rama Synthetics Ltd (8%). The scrip on the bourses has flared up approximately from Rs 7 to Rs 20. Consequently, there could be profit booking. Results from improvement in industry and from internal restructuring are showing on the company's financials. Indo Rama has roped in Accenture for better deployment of I.T resources and has also appointed Ernst & Young (E&Y) as external financial advisors to help develop strategic initiatives. As per reports, the company is demerging the spun yarn business for better focus on each division.
Reliance (RELI.BO, news) Petro (1.2%) is in the gainers list after a sizable interval. Despite global crude oil prices rising, the refinery stock is rising. The company is among the most dynamic of refiners' in the country with ability to use various types of crude. Consequently, with higher prices, the company's use of sour crude could offer some respite to margins.
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