Wednesday May 22, 12:30 PM
Bottom fishing in vogue... |
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By Equitymaster.com
Bottom fishing by participants has helped markets to recover from the red. While cement, pharma and FMCG stocks are recovering, there is heavy speculative interest in media counters. Nifty futures are trading at a premium to the cash market. Rupee is trading strong.
The BSE Sensex is at 3,184 (down 3 points) and the NSE Nifty is at 1,047 (down 2 points). The rupee is trading at Rs 48.98 per US dollar.
Pharma stocks, which saw a sharp downside yesterday, are bouncing back. Lupin (up 5%) is among the major gainers. The company has shown strong export performance in its FY02 results. The company has already started supplying Cefuroxime Axetil in the API form to its marketing partner in the US, Apotex. Currently, Ranbaxy has marketing exclusivity for Cefuroxime Axetil in the US and Apcotex, Lupin's partner is expected to start marketing the drug by July'02 this year. Ranbaxy is down 3%. Dr. Reddy (REDY.BO, news) 's is the other key gainer after losing sharply yesterday.
Oriental Bank (ORBC.BO, news) of Commerce is up 4% after the bank declared encouraging results for FY02. The bank has successfully brought down its cost of funds, resulting in higher margins. The bank reported a 23% rise in net interest income. Other frontline private banking stocks viz. HDFC Bank (HDBK.BO, news) and ICICI Bank (ICBK.BO, news) are trading flat. Bank of Rajasthan (up 8%), Federal Bank (FED.BO, news) (up 3%) and Global Trust Bank (up 3%) are among the major gainers.
Media stocks are in limelight. Adlabs (up 5%), Zee (up 5%), Tips Industries (up 5%), Mukta Arts (up 2%) are the major gainers.
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