Fast track
HCL Tech: New in pecking order
THE markets continue to be largely range-bound and are moving in a narrow band, indicating uncertainty over the sustainability of the recent uptrend.

Impact
Tata Telecom: Demerging to add value
THE formal announcement of the demerger of the loss-making Tatafone division is likely to improve sentiment in the counter.

Liberty Shoes: Trying a better fit
THE move of Liberty Shoes to alter the framework of the convertible debentures may not be viewed favourably.

Stocks
Refinery stocks and Siemens sparkle in a flat market
THE possibility of speeding up of disinvestment plans in refining companies led to a rally in refining stocks, although the overall markets ended on a flat note on Thursday.

LYONS RANGE
EQUITIES at the Calcutta Stock Exchange on Thursday closed firm as operators picked up scrips towards the end of the session. The CSE-50, after touching a low of 106.95, closed at 109.56 points against the previous closing of 109.66.

Technical Analysis
Restricted movement
BOTH the indices opened slightly weaker on Thursday. Bears were able to restrict the upward movement in both the indices. The day's trading witnessed sideways movement. Bulls were successful to the extent of recovering their losses. However, both the ind ices closed a few points lower than Wednesday's last traded value. Bull domination on Friday would further strengthen the position of the indices. On the other hand, if the bears dominate, the present position is unlikely to face any threat from them. Th e market sentiment still remains in favour of the bulls. In case of a bull domination on Friday, the prevailing sentiment would become strongly bullish. Bear domination would change the present sentiment to neutral.

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