Markets lacklustre
The markets opened subdued ,then gained but again pared gains due to weakness in IT pivotals.At present the market is lacklustre due to lack of buying interest. Selective buying is seen in metal, banking and capital good stocks. However IT pivotals continue to reel under pressure. It is absolutely flat in the midcap and smallcap space.
At 13.00 pm the sensex is trading at 13878 down by 1.50 points while nifty is at 4111 down by just 0.10 points.
An overnight fall in the ADRs and a rising rupee weighed on IT bellwether Infosys. The stock was down 1.1% at Rs 2015. On Monday, Infosys' ADR lost 3.6% to $51.92. Infosys enjoys 11% weightage in the benchmark Sensex.
Among other IT pivotals, TCS was down 0.5% to Rs 1270 and Wipro had shed 0.4% to Rs 552. The rupee was headed towards a nine-year high against the dollar on Tuesday. In early trade, the partially convertible rupee was at 40.755/765 per dollar, up from Monday's close of 40.87/89. The rupee’s surge is a cause of concern for IT firms, as it directly impacts their revenue and profits, a lion’s share of which is accounted for by exports.
Tata Steel, ACC, Grasim, SAIL and Nalco are among the gainers on the frontline indices.Hero Honda, Infosys, HDFC Bank and Zee Entertainment are among the top losers.
Index heavyweight Reliance was trading at Rs 1,608.10 up 0.17% from its previous close of Rs 1,605.45.Tech major Infosys was trading at Rs 2,020.00 down 0.92% from its previous close of Rs 2,038.80.Cigarette major ITC was trading at Rs 160.00 down 0.47% from its previous close of Rs 160.75.
At 13.00 pm the sensex is trading at 13878 down by 1.50 points while nifty is at 4111 down by just 0.10 points.
An overnight fall in the ADRs and a rising rupee weighed on IT bellwether Infosys. The stock was down 1.1% at Rs 2015. On Monday, Infosys' ADR lost 3.6% to $51.92. Infosys enjoys 11% weightage in the benchmark Sensex.
Among other IT pivotals, TCS was down 0.5% to Rs 1270 and Wipro had shed 0.4% to Rs 552. The rupee was headed towards a nine-year high against the dollar on Tuesday. In early trade, the partially convertible rupee was at 40.755/765 per dollar, up from Monday's close of 40.87/89. The rupee’s surge is a cause of concern for IT firms, as it directly impacts their revenue and profits, a lion’s share of which is accounted for by exports.
Tata Steel, ACC, Grasim, SAIL and Nalco are among the gainers on the frontline indices.Hero Honda, Infosys, HDFC Bank and Zee Entertainment are among the top losers.
Index heavyweight Reliance was trading at Rs 1,608.10 up 0.17% from its previous close of Rs 1,605.45.Tech major Infosys was trading at Rs 2,020.00 down 0.92% from its previous close of Rs 2,038.80.Cigarette major ITC was trading at Rs 160.00 down 0.47% from its previous close of Rs 160.75.
Labels: Nifty.Sensex
posted by SY at 12:52 PM
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