Export-focused software companies extended their losses for the third day as the rupee tested fresh 19-month highs, deepening concerns their margins could be impacted. By 11:24am, the 30-share BSE index was trading up 0.21% at 17,978.30, with 23 of its components gaining. It rose to 18,008.40 in early deals, which was its highest level since 27 February, 2008. The 50-share NSE index was up 0.3% at 5,379.20.
“Global cues and earnings optimism are pushing the market higher,” said Ambareesh Baliga, vice-president of Karvy Stock Broking. “But stocks are overvalued. It is getting to be a liquidity-driven rally.”The 14-day relative strength index of the BSE benchmark was at 70, the upper limit that indicates the market was overbought.
The market has been boosted by foreign funds who have bought around $4.9 billion of Indian equities so far in 2010, adding to $17.5 billion last year.Automakers raced ahead on expectations consumer demand for vehicles would remain strong on the back of rising incomes.
“Volume growth is expected to continue, driven by strong economic recovery, pent-up demand, increase in availability of finance and new product launches expanding the market,” brokerage Motilal Oswal said in a note.
Top vehicles maker Tata Motors was up 1.7%, while carmaker Maruti Suzuki rose 1.2% utility vehicle leader Mahindra and Mahindra climbed 0.7%.
Banks continued to rise on the long-term prospects in a buoyant economy. ICICI Bank and HDFC Bank climbed 0.1% and 0.4% respectively, while top
Software services firms Tata Consultancy Services and Infosys Technologies that get most their revenue from exports declined 0.3% and 0.1% respectively on the rupee’s rise. Wipro shed 0.2%.
Energy giant Reliance Industries, which has the highest weight on the Sensex, climbed 0.3% to Rs1,124.30.In the broader market, gainers led losers in the ratio of 2.6:1 on volume of 206 million shares.Baliga said investors were chasing shares in medium and small companies, driving them faster than the main index and possibly risking a bubble.
The BSE midcap index and the BSE smallcap index have gained 5.4% and 8% so far in 2010, outperforming the main index that has risen around 3%.
Wednesday, April 7, 2010
Sensex tops 18,000, but techs drop
Industry Research Reports
LIC Term Insurance or Pvt Life Insurance Term Plan ? Which is the best term insurance in India ? Which Insurance company has the best cla...
આજકાલ કોઈપણ સમસ્યા હોય લોકો એન્ટિબાયોટિક્સ અંગ્રેજી દવાઓ લેવાનું વધુ પસંદ કરતાં હોય છે કારણ કે આજની પેઢીને આપણા જુનવાણી નુસખા વિશે જાણ હોત...
Introduction The Japanese began using candlestick patterns for over 100 years before the West developed the bar and point and figure syst...
While investing in Mutual Funds, you go through fund reviews, watch funds performance, track historical performance, find out what ex...
મ્યુચ્યુઅલ ફંડ્સના સોદામાં ઉચ્ચ સ્તરની પારદર્શકતા આવે તે હેતુથી શેરબજાર નિયમનકારી સંસ્થા સેબીએ એજન્ટ્સને ચૂકવેલું પુરેપુરું કમિશન જાહેર કરવ...
સેબીએ કોમોડિટી ડેરિવેટિવ્ઝ માર્કેટના નિયમનને કડક બનાવ્યાના એક વર્ષ પછી કોમોડિટી એક્સ્ચેન્જિસની વૃદ્ધિના પગલાની શરૂઆત કરી છે. MCX અને NCDEX ...
Equity Linked Savings Scheme (ELSS) is the best tax saving (Section 80C) investment option for investors looking to create long term w...
સીબીઆઈ કોર્ટે બુધવારે એફટીઆઈએલ જૂથના સ્થાપક જિજ્ઞેશ શાહને 26 સપ્ટેમ્બર સુધી પોલિસ કસ્ટડીમાં રાખવા આદેશ આપ્યો હતો. સીબીઆઈએ 30 સપ્ટેમ્બર સુ...
મેનેજમેન્ટ સ્નાતકો માટે ઇન્વેસ્ટમેન્ટ બેન્કિંગમાં કારકિર્દી હંમેશા આકર્ષક રહી છે. જોકે, હવે આ સેક્ટરના પડકારોને લીધે ઘણા મેનેજમેન્ટ સ્નાત...
The Federal Open Market Committee (FOMC), a branch of the US Federal Reserve Board that decides US monetary policy, meets eight times ever...