Ear to the ground
Sun Pharma witnesses FII backing
PHARMA major Sun Pharmaceuticals has apparently got back into the buying list of fund managers. Market sources say that the counter witnessed some buying activity from foreign institutional investors (FIIs). This move by FIIs seem to be significant as fu
nds were earlier reluctant to buy Sun Pharma with the main reason perceived to be the companys inadequate presence in the overseas markets especially exports. However, analysts view the stock to be highly undervalued at the current price levels and is ex
pected to pick up on its research exploits. On Thursday, the stock was down to Rs 553.80 on the BSE and to Rs 551.90, on the NSE.
Impact
Ranbaxy: Setback
There is unlikely to be a long-term impact on Ranbaxy's share price on the heels of media reports that the company will receive lower-than-expected milestone payments from Bayer AG.
MICO buyback: Deflated
The price of Rs 2,500 per share fixed by MICO for its proposed buyback programme may not leave much scope for an upside in the MICO share price on the bourses.
On the hedge
Bearish outlook for Dr Reddy's?
THURSDAY's trading in the derivatives segment saw good demand for out-of-the-money calls on equity and index options. Here are some of the pointers from the days trading:
Stocks
Profit-bookings arrests initial rally
PROPPED up by the overnight bull run of Indian technology stocks on the Nasdaq, the domestic markets witnessed to one of the biggest rallies in recent times of technology stocks on Thursday. The bourses opened with an almost euphoric rally in most Inform
ation Technology (IT) and telecom stocks.
CSE warms up before AGM
BARELY three weeks before its crucial AGM, the Calcutta Stock Exchange (CSE) has started sending urgent missives to members, some of them pertaining to payment of subscriptions and reactivation of surrendered VSATs.
`Redemption pressure dips for US-64'
THE redemptions in US 64 have come down substantially from over Rs.166 crore in the two months of September and October to Rs.48 crore recently, according to the Chairman of the Unit Trust of India, Mr. M. Damodaran.
Record volumes in derivatives segment
The National Stock Exchange (NSE) today recorded all time high volume in the derivatives segment at Rs 955.89 crore. The previous highest volume was Rs 735.80 crore recorded on November 19.
Technical Analysis
Marginal gain
BULLS exerted further pressure in Thursdays trading. However, during the close the bears came back strongly to recoup most of their days losses. The sentiment reading of the tradable list continues to remain strongly in favour of the bulls. In the normal
course of trading, the prevailing bullish sentiment is likely to continue. In case of bear domination, the sentiment reading is likely to be neutralised, thus favouring neither the bulls nor the bears.
