X

Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2017 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.


Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
Investing in India? Get Equitymaster Research  
Consolidating in a narrow territory 
(Wed, 9 Mar 01:30 pm) 
 
After trading weak on the back of profit booking during the previous two hours of trade Indian stock markets have recovered and are currently trading in the green. Stocks from Realty and Consumer durables' space are trading strong while those from FMCG and Healthcare space are trading weak.

Currently, the BSE-Sensex is up by 40 points while NSE-Nifty is trading 9 points above the dotted line. BSE Midcap and BSE Small cap indices are both up by 0.6% and 0.74% respectively. The rupee is trading at Rs 45.04 to the US dollar.

Software stocks are trading mixed with Mahindra Satyam and TCS leading the gains. However, Mphasis and HCL Infosys are trading weak. Infosys is eyeing a few acquisitions in the technology space with companies having strong expertise in healthcare and public services industries. The company has already shortlisted 150 potential targets, particularly in non-English speaking markets. Although Infosys is sitting on a huge pile of cash (ripe for acquisitions) it has been extremely cautious of its purchases. It may be noted that Infosys has about Rs 162 bn of cash as at the end of March 2010, almost double of its nearest competitor TCS. Nonetheless, the company follows a well defined acquisition strategy and does not seem to be in a hurry to deploy the additional cash unless the target meets pre-specified criteria, including price.

Energy stocks are trading mixed with Reliance, Petronet LNG trading higher. However, Cairn India, IOC, and HPCL are trading in the negative territory. As global crude oil prices are trading at highest levels since 2008, there were reports of oil ministry mulling to regulate petrol prices again. It may be noted that the government had decontrolled petrol prices in last June. However, there was a provision that if the prices go to astronomically high levels then the government may intervene. Nonetheless, today an oil ministry official clarified that there is no plan to regulate petrol prices ‘as of now’. Lastly, it may be noted that for 2011-12, the finance ministry has estimated Rs 236 bn in oil subsidy, lower than Rs 384 bn of current fiscal.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

View all commentaries | Archives  RSS
Read the latest Market Commentary
 
BSE-30
 

 
Go
 

Equitymaster requests your view! Post a comment on "Consolidating in a narrow territory". Click here!

  
 

S&P BSE SENSEX


Apr 24, 2017 (Close)

MARKET STATS