Friday March 30, 03:30 PM
Consolidation at close... |
|
By Equitymaster.com
Despite sporadic attempts of profit booking in select index heavyweights, the markets largely held onto the gains in the final trading hour. While most pharma stocks emerged to be the cynosure of the investors' eyes, select FMCG, power and auto stocks also managed to make their mark. Energy and software sector largely remained out of the investors' radar.
The BSE Sensex closed at 13,072 (up 92 points) while the NSE Nifty closed at 3,822 (up 24 points). The rupee was trading at 43.54 to the dollar.
In the final session of the holiday-shortened week today, markets retained the volatile trend that it has been associated with over the past couple of weeks. After opening on a firm note, profit booking in heavyweights led to the indices paring most of the early hour gains and head towards yesterday's closing levels. However, post noon, buying interest in select frontline stocks propelled the gains in the benchmark indices. Dabur (up 5%), Sun Pharma (SUN.BO, news) (up 4%) and GSK Pharma (up 4%) were the lead gainers in today's session. Amongst global markets, while the Asian indices closed flat to positive today, the European markets have opened on a mixed note.
As per a leading business daily, Pantaloon Retail is planning to raise as much as US$ 200 m by divesting some of its subsidiaries such as e-commerce, media and capital to fund its expansion plans of opening new stores. The company plans to spend Rs 26 bn in four years to add stores in India's biggest cities and towns, competing with Reliance (RELI.BO, news) Industries' retail venture as also the proposed venture of Bharti Enterprise and Wal-Mart. As reported, the company plans to increase the number of its stores to about 3,500 in 90 cities and towns by 2,010, from 160 stores in 38 cities and towns currently. The stock ended the day down 3%, while its peers Shopper's Stop remained flat.
As per a leading business daily, GlaxoSmithkline has signed an outsourcing agreement with Tata Consulting Services (TCS) to establish a drug development support facility in Mumbai. Under the terms of the deal, TCS will support GSK's global clinical research and development programme by providing outsourced data management and medical trial reporting services. The arrangement will create nearly 100 new jobs on an existing site and is understood to be worth more than 10 m pounds. The move is line with other global companies seeking to tap into India's pool of high-quality IT and scientific talent and aims to reduce costs through outsourcing. The move is in line with TCS plans to extensively concentrate on its KPO operations. The stock along with its peer Wipro (WIPRd.BO, news) ended the day 1% lower, while Infosys ended 1% higher.
Telecom stocks ended the day in mixed with MTNL (MTNL.BO, news) , Bharti Airtel and Tata Teleservices being the major gainers, while Reliance Communication and VSNL ending marginally lower. Reliance Communication (RCom) is planning an overseas public offer for its wholly owned subsidiary Flag Telecom. The company is to divest 10% to 15% equity with the proceeds being used to part fund the capex planned for Flag. The company had, in December last year, announced its plans of building the world's largest next generation undersea cable network entailing an investment of about US$ 1.5 bn. The fiber optic cable network on completion will connect 60 countries and 5 bn global users. Flag is likely to be listed on the London Stock Exchange.
|
