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IT stocks push markets lower
Thu, 7 Oct 09:30 am

The Indian markets have started today's session on a negative note. The benchmark indices opened above the breakeven mark but have slipped into the negative territory. Other key Asian markets are in the red with Singapore (down 0.5%) leading the pack of losers. The US markets ended higher by 0.2% yesterday.

Currently in India, heavyweights from the BSE-Sensex are trading weak with software majors facing the brunt of selling activity. The BSE-Sensex is trading lower by around 28 points, while the NSE-Nifty is trading down by around 4 points. However, buying interest is being witnessed among mid and small cap stocks as the BSE-Midcap and BSE-Smallcap indices are trading higher by 0.4% and 0.5% respectively. The rupee is trading at 44.39 to the US dollar.

Auto stocks have opened the day on a strong note. Gainers here include SAIL and Tata Sponge. As per a leading business daily, the government has decided to cut the size of SAIL's board from 24 to 18 members. Two new board positions, that of director raw materials and logistics and director projects, will also be created. Given the steel major's expansion plans and the number of new projects it is taking up, raw materials and projects need to be supervised on a continuous basis. The managing directors of SAIL's four integrated steel plants at Durgapur, Rourkela, Bhilai and Bokaro will no longer be part of the board. The changes are part of a restructuring exercise that has to be completed before the company's follow-on public offer (FPO) in December. A smaller board of directors will provide flexiblity in functioning and will also be easier to operate.

Pharma stocks have opened the day on a strong note. Gainers here include Dr. Reddy's and Indoco Remedies. As per a leading business daily, Glenmark Pharma has received an exclusive license to the entire intellectual property of Italian biotechnology firm, Lay Line Genomics (LLG) for a process for treating chronic pain and inflammation. The license is for the process involving 'TrkA receptors', which is part of a master control system in the spread of inflammation and pain. The company plans to develop this novel biological entity by its biologics R&D centre in Switzerland. The amount paid to LLG for the license has not been disclosed.

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