Financial Daily from THE HINDU group of publications
Friday, May 28, 2004
Financial Daily from THE HINDU group of publications Friday, May 28, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground Rupee fall is IT's gain
Market talk is that if the rupee is around 45 against the dollar for the full year, the earnings per share of the software major could increase by around seven per cent, as it is the least hedged company. A leading foreign broking firm, which had turned bearish on the stock, is now actively advising its clients to buy the share. This has happened after the outcome of the elections. In addition, the bonus shares in the ratio of 3 shares for every share held is also attracting some investors. On Thursday, Infosys Technologies closed at Rs 5,302.50, up 0.27 per cent, on the BSE with volumes of 96,819 shares; on the NSE, it closed at Rs 5,297.75, up 0.26 per cent, with volume of 3.50 lakh shares.
On defensive play IN an uncertain environment, market players are turning towards FMCG stocks. The interest in these stocks is seen in the last couple of days. On Thursday, BSE FMCG index gained 1.01 per cent, the highest gain among all the sectoral indices. This is due to this sector acting as defensive play in uncertain periods. Among the stocks being picked by market players are Hindustan Lever, Britannia, Dabur, GlaxoSmithKline Consumer and Godrej Consumer Products. Talk is that several market players are shifting their positions from PSU and bank stocks to FMCG.
FIIs, local funds shedding
WITH increased concern over the possibility of slowdown in commodities, Tata Steel is being slowly sold by several FIIs. Dealers said their concern is the fall in steel prices. Dealers said the company's growth in the current fiscal might not be good as seen in the last fiscal. Another factor is that FIIs increased their exposure in Tata Steel in the last few months, but with their exposure being reduced in emerging market including India, they are slowly exiting from Tata Steel stock. Several local funds are also understood to have been reducing their exposure in the stock over the last few days. On Thursday, the stock of Tata Steel was down 2.95 per cent at Rs 318.95 on the BSE with volumes of 37.48 lakh shares; on the NSE, it closed at Rs 318.65, down 2.98 per cent, with volumes of 84.24 lakh shares.
Virendra Verma
More Stories on : Stock Markets | Ear to the ground
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