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Sensex choppy on lack of fresh buying interest; Cipla, BHEL, SBI gain

 Markets  No Responses »
Aug 012012
 

MUMBAI: The Sensex was witnessing a choppy session due to lack of fresh buying interest near resistance levels. Realty, healthcare and capital goods led the gainers’ pack while metals, technology and auto sectors were moderately in the red.

At 01:00 pm, the 30-share BSE index was at 17,275.50, up 39.32 points or 0.23 per cent. The index has touched a high of 17,283.49 and a low of 17,189.16 in trade today.

The Nifty was at 5,243.45, up 14.45 points or 0.28 per cent. The index has touched a high of 5,246.30 and a low of 5,212.65 in trade today.

“Short-term momentum oscillators have rolled bullish, with RSI moving above its mean level of 50. However, broadly we are likely to trade in a range. Price action has indeed crossed above the 5,200 mark and is highly likely to face resistance at the ‘short day’ candlestick high of 19th July at 5,257. It is recommended to trade on the short side with stop-loss above 5,300 targeting 5,050,” said an Edelweiss report.

The BSE Midcap Index was up 0.80 per cent and the BSE Smallcap Index gained 1.01 per cent.

Among sectoral indices, the BSE Realty Index was up 1.23 per cent, the BSE Healthcare Index gained 1.01 per cent and the BSE Capital Goods Index moved 0.91 per cent higher. The BSE Metal Index was down 0.60 per cent and the BSE IT Index slipped 0.46 per cent.

Cipla (4.56%), BHEL (1.95%), SBI (1.72%), Tata Power (1.38%) and HDFC (1.34%) were among the major Sensex gainers.

Credit Suisse has maintained ‘outperform’ on Cipla with a raised target of Rs 390. Positive changes in the business model by the new management and increasing utilization of the indore sez are the key positives. The company is likely to benefit in the second quarter as well from Lexapro exclusivity, the brokerage says.

Losers included Coal India (3.24%), Hero MotoCorp (1.18%), ONGC (1.10%), Maruti Suzuki (0.98%) and Bharti Airtel (0.95%).

JP Morgan is underweight on Coal India with a target of Rs 300. It is of the view that additional obligation of being an importer of coal is not positive for the company. The real challenge is likely to arise when global coal prices spike up and whether transmission of prices is smooth.

The market breadth was positive on the BSE with 1,559 gainers and 940 losers.

Foreign institutional investors bought equities worth Rs 879.96 crore on Tuesday, as per provisional data from the NSE.

Attacks on Indians not racist ,

 Featured, Markets  No Responses »
Jul 082009
 

student-attacksThe high-level Australian delegation that is in India to allay fears about Indian students being singled out for racist attacks in their country, assured worried parents in Ahmedabad on Tuesday that the attacks were not racist in nature.

Delegation that is in India to allay fears about Indian students being singled out for racist attacks in their country, assured worried parents in Ahmedabad on Tuesday that the attacks were not racist in nature.

Delegation members said the Australian government was against all kinds of violence, including racist violence. Colin Walters, group manager of International Group, Australian Department of Education, who is heading the delegation, said that the Australian government was very serious about the security of foreign students.

“Students from more than 190 countries come to Australia for higher studies,” Walters said. “Some foreign students, who happened to be carrying expensive electronic gadgets such iPods and laptops, have been attacked by native teenagers. But this is a problem in most big cities of the world such as London and Chicago where such crimes are common.”

Walters added that it would help if foreign students, including those from India, were briefed before they left their home countries on how to keep themselves safe in Australia.

Paul Evans, assistant commissioner of police, city of Victoria, said attacks on Indian students had been carried out mainly by 15-17 year old teenagers, many of whom were drug addicts.
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