Friday May 31, 12:30 PM
Lateral movement ... |
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By Equitymaster.com
Markets have remained static over the past hour. Activity seems to be lukewarm. Increased shelling across the border, war rhetoric by Pakistan and increased international attention seems to be unnerving market participants. Also, flat U.S markets have not added any cheer.
The BSE Sensex is at 3,109 (down 27 points) and the NSE Nifty is at 1,025 (down 7 points). The rupee is trading at Rs 49.02 per US dollar.
Almost all software stocks are in the red this morning. Infosys (3.3%) continues to lose ground. Although the NASDAQ was marginally higher yesterday, the index is experiencing another tough year, as valuations continue to remain rich. Infosys is trading at its support levels. If it breaks these levels, it could see a sharp fall.
ICICI Bank (ICBK.BO, news) (3.8%) is in the reckoning this afternoon. The BSE Sensex and NSE Nifty have been revised. ICICI Bank has replaced ICICI (ICIC.BO, news) on the Sensex and VSNL has replaced ICICI on the Nifty. Both ICICI bank and VSNL could be benefiting with entry into the indices.
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