Fast track
Stocks on a sticky wicket
STOCKS have almost refused to budge even on an odd from the narrow range in which they have been caught for some time now. The overall environment is such that this may be the order of the day for some time to come.
Impact
Castrol: Led up by open offer
THERE may be a recovery of sorts in the Castrol stock linked to an open offer becoming more likely. The appeal filed by BP Amoco against the SEBI ruling has been rejected by the Mumbai High Court.
Foseco: A spin off effect
THE rejection of the appeal in the Castrol case may also lead a spin-off uptrend in the Foseco stock. Here too, as a consequence of global level developments, BP Amoco was required to make an open offer.
ITW Signode: Some upside likely
THE proposed open offer for ITW Signode may trigger an uptrend in the stock price. Illinois Tool Works Inc which holds a 51 per cent stake has made an offer to buy out other shareholders at Rs 80 per share.
HCL Technologies: Stress from lower guidance
THE HCL Technologies' stock may come under stress following the possibility of the company clocking a lower growth in the fiscal 2001-02.
Sterlite Ind: Some gains led by buyback
THE Sterlite Industries' stock may show some improvement in the wake of the buyback announcement. The company has proposed to buy back 13 million shares of Rs 5 each at a price not exceeding Rs 200 per share.
Stocks
Lyons Range
THE Calcutta Stock Exchange on Wednesday saw an overall easing trend. The CSE-50 closed at 119.69 points against the previous close of 120.25.
Castrol, Balaji Tele steal the show
STOCK indices settled lower for the second consecutive day in the backdrop of the lack of positive developments on the economy front. The decline in prices, though, was limited. The downgrade of India's sovereign ratings by S&P, an international agency,
and their harsh criticism of India's tardy progress in reforming the economy, however, had little impact on the day's trading. Still, leading lights from the banking and finance sector such as SBI and ICICI lost value during the day. The stock of HDFC, t
hough, firmed up.
Technical Analysis
Downtrend triggered
RIGHT from the initial hours of Wednesday's trading, the bears were in total control of the market. This led to the initiation of a fresh downtrend in index. The intra-day movement in Nifty was around 12 points. It closed with a loss of six points with
respect to Tuesday's close. The market sentiment reading remained bearish.
