Tuesday April 3, 01:30 PM
Bulls hold strong... |
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By Equitymaster.com
The indices gained further ground during the previous hour of trade, as strong buying activity was seen in the index heavyweights. The advance-decline ratio is currently poised at 47 to 3 on the NSE Nifty. While selling activity is witnessed in select pharma stocks, buying activity is seen across other sectors.
The BSE Sensex is trading at 12,628 (up 172 points) while the NSE Nifty is trading at 3,691 (up 58 points). The rupee is trading at 43.12 to the dollar.
Media stocks are witnessing buying activity. Marginal gains are witnessed in NDTV and TV18 (both 1% up). Global Broadcast News (GBN) is planning to launch a few regional news channels. Already a leader in the English category, the company is planning to launch a Marathi news channel initially as it feels the regional news space is an important growth segment. The company may partner another media company for this venture. Already, Zee has launched "Zee 24 Taas" in this space. India TV Star and TV9 are also forming a "region-specific strategy." Clearly all the leading media players have joined the race to capture regional channel space, which constitutes 40% of total viewership, and GBN is no exception.
Mahindra & Mahindra (M&M) is trading 2% higher over its previous close, while its peer Maruti is marginally higher (up 1%). M&M and Renault today launched the Logan sedan for the Indian market. The long awaited Logan is expected to be aggressively priced and will compete in the premium segment. This JV is expected to have the capacity to produce about 50,000 Logan cars a year at its Nashik plant in Maharashtra. Currently selling just the 'Scorpio', M&M's UV sales increased by 11% in FY07.
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