Tuesday May 22, 01:30 PM
Sitting on the fence.... |
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By Equitymaster.com
After paring losses, markets traded within a narrow range during the previous trading hour as participants chose to adopt a cautious stance. The overall market breadth is positive with gainers outnumbering losers in the ratio of 1.2 to 1 on the Nifty. While buying activity is being witnessed among auto, power and steel stocks, software, telecom and energy stocks are witnessing selling pressure.
The BSE Sensex is trading at 14,408 (down 11 points) while the NSE Nifty is trading at 4,262 (up 1 point). The rupee is trading at 40.63 to the dollar.
Power stocks are currently trading mixed with Torrent Power (up 6%) and Tata Power (TTPW.BO, news) (up 2%) featuring among the major gainers, while NTPC, PTC India and Neyveli Lignite (each down 1%) are witnessing selling pressure. According to a leading business daily, NTPC plans to foray into wind power with an investment of more than Rs 12 bn as it seeks to diversify into renewable energy. The company is looking at wind energy projects with a total capacity of 200-250 MW. According to the management, the company will set up the entire capacity at a single location and would be working with Asian Development Bank and may also rope in a private partner for the new venture. At present, NTPC has an installed capacity of more than 26,000 MW, based entirely on coal or gas.
Software stocks are currently trading mixed with I-flex (up 3%) and Mphasis (up 1%) featuring among the major gainers, while I-Gate Global (down 2%), HCL (HCLL.BO, news) Tech and CMC (each down 1%) are witnessing selling pressure. 3i Infotech has announced the launch of a new Global Development Centre (GDC) in Chennai. The centre will focus on enhancement and development of the company's flagship insurance solution 'Premia' and banking solution 'Kastle'. According to the management, Chennai has been an important hub for the company, both as a market and a development centre and it hopes to leverage the city's talent pool and technical capabilities to grow its operations there. Annually, 3i Infotech invests about 4% to 5% of its revenues in its research operations across Chennai, Mumbai, Bangalore, Kochi and Hyderabad.
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