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Looking for a catalyst...

Apr 5, 2001

The markets are closed today on account of 'Moharrum'. The sentiment in the markets has turned weak, thanks to the earnings warnings by US tech majors. The NASDAQ is touching new 52-week lows everyday.

  • Live ADR Quotes

    Investors wary of tech stocks are entering into defensive stocks, which are relatively less volatile. Yesterday's top gainers in the BSE included 3 cement stocks. Cement companies have decided to hike the prices sighting the increase in cement demand before monsoon. This is expected to increase their realizations and would be reflected in profits growth. Auto stocks too are in limelight with the companies showing improvement in vehicle sales in the month of March.

    The activity in the markets is directionless in the absence of any positive news. Although, valuations of the stocks look attractive, volumes are on lower side. Meanwhile foreign funds shopping affair on the Indian bourses continues. They have bought securities to the tune of Rs 2.9 bn in the first two days of April (Rs 84.2 bn till date). Domestic institutions on the other hand are net sellers (Rs 0.5 bn). However, unless the retail investor enters the markets, there will not be any sign of an up trend. All are waiting for Infosys' annual results to be declared in the next week. This could provide some direction to the tech stocks.

    Tomorrow being the last day of trading settlement on the BSE, we may see unwinding of long positions. The markets are expected to remain range bound, as there is no short-term catalyst in sight, which can change the undertone of the markets.

    Click here for yesterday's market movements.

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