Use this space to put some text. Update this text in HTML

www.bigprofitbuzz.com. Powered by Blogger.
There was an error in this gadget

Thursday, 20 November 2014

Nifty holds 8450; Tech Mah, Infy slip

11:oo am: Indian stocks held on to early gains with banks powering the move up, a day after Kotak announced a merger deal with ING Vysya Bank.

At the time of this writing, Sensex was up 0.6 percent, or 175 points, to 28,243 while the Nifty gained 0.64 percent, or 54 points, to 8455.

Equities climbed after a flattish start as investors bought into shares of Kotak Mahindra Bank (up 5.88 percent) and ING Vysya Bank (rose 2.7 percent).

The deal has triggered sentiment that the Indian banking industry is likely to consolidate and traders picked up shares of smaller private sector lenders such as South Indian, Dhanlaxmi and City Union. These were up between 3.7 percent and 6.4 percent.

The other counter that saw deal buzz, Tech Mahindra (acquired US-based telecom service provider LCC for USD 240 million), however saw profit booking with the stock losing 1.1 percent after a positive start.

As as his been the case with several deals over the past few years, rumours about the impending announcements had witnessed both shares run up strongly a few days ahead.

Infosys fell 1.6 percent as more details over the overbilling fraud committed at its BPO unit came out. Latest media reports said the tech giant is conducting investigations, and more employees may be asked to leave, after the CFO of the unit was sacked and the CEO resigned.

Consumer non-durable shares saw some profit booking after standing out for their resilience during the market consolidation earlier this week. Heavyweight HUL was off 0.6 percent.

In other news-driven movers, Cipla jumped 3.2 percent after a positive brokerage call, Gammon india was up 2.3 percent after announcing stake divestment in Gammon Infra, JM Financial was up after infusing capital into a realty subsidiary, while Yes Bank gained 3.5 percent after the RBI allowed fresh FII buying into it. More information please visit this site www.bigprofitbuzz.com

No comments:

Post a Comment