10:00 am: Indian equities were trading with a mildly
negative bias early Thursday with breadth favouring more declines than advances
(942 to 859). Sectors that lent strength to the index were so-called defensives
IT and consumers, while high-beta metals, banks, capital goods and oil &
gas witnessed some selling.
Among key movers, metal stocks moved lower
after displaying strength early, as investors digested the impact of the coal
auction draft rules that are expected to provide some clarity to supply of the
fuel. Jindal Steel was down 1.2 percent while Hindalco gave up early gains.
Sugar stocks were significantly lower,
following a recent rally, after the expected government move to provide export
sops still has not come through. Balrampur Chini, Bajaj Hindusthan and Shree
Renuka were down between 2.3 percent and 4.3 percent.
IT majors TCS, Infosys and Wipro were
up between 0.1 percent and 0.5 percent, after the rupee sank below 62 to the
dollar, a development that may benefit the services exporters.
While in individual stocks, ING Vysya
Bank surged 6.2 percent, amid reports Kotak Mahindra Bank (up 6 percent) would
acquire it, even as the latter issued a clarification to the exchanges saying
no such decision had been taken.
A Nomura report said the acquisition
would be beneficial for Kotak as the two banks have minimum overlap in terms of
branches as well as business lines, and that ING’s
SME-focused business would complement Kotak’s largely retail-focused franchise.
Dr Reddy’s was up 0.3 percent, amid
hopes the FDA’s decision to revoke Ranbaxy’s right to sell Nexium generic in
the US, the second-largest selling drug in the world used to treat heartburn,
would benefit the company. Ranbaxy was down 1.5 percent while its parent Sun
Pharma was off 0.5 percent.
Stocks newly added to the futures and
options segment by the exchanges witnessed buying interest. Amtek Auto, Bosch,
Engineers India, Strides Arcolabs and Wockhardt were up between 0.8 percent and
3 percent. More information please visit this site www.bigprofitbuzz.com
No comments:
Post a Comment