Sensex flat; Infosys, ICICI, Axis Bank
rebound
DATE: 06/09/2012
The BSE Sensex and NSE Nifty started
off Thursday trade on a flat note as investors seem to be more in the wait and
watch mode ahead of a meeting of European Central Bank today evening.
The BSE benchmark was down just 0.52
point at 17,312.82 and the NSE benchmark fell 2.35 points to 5,223.35.
Asian markets were
mixed and yesterday US markets too were listless at close. ECB chairman Mario
Draghi will address press conference today at 18 hours IST. Some market
experts feel he may go for more short-term bond buying plan and may also
cut refinancing rate, but others said it would be a non-event.
Andrew Benito of Goldman
Sachs expects the ECB to reiterate its preparedness to buy short-dated govt
debt which will be dependent on requests for EFSF & ESM support. "The
risk is that today's announcements will fall short of expectations," he
adds.
Back home, BHEL,
Ranbaxy, Sun Pharma, Dr Reddy's Labs, Bank of Baroda, PNB, Kotak Mahindra Bank,
IDFC, L&T, NTPC, TCS and ITC were down in early trade.
Yesterday's badly
beaten down stocks saw buying interest today. Infosys bounced back with 1.8%
gains. ICICI Bank was up 1%.
Axis Bank rose 0.8% as
the research firm Nomura has put a buy rating on the stock with a target of Rs
1200. "The bank hasn't seen any signs of higher stress in any particular
sector but has indicated that there might be some lumpiness in corporate restructuring,"
says Nomura report.
Sterlite, Hindalco, JP
Associates and Jindal Steel & Power too rebounded.
The CNX Midcap Index
was flat, though the market breadth was in favour of advances.
In the second line
shares, West Coast Paper lost more than 3% despite the news that US-based
International Paper is eyeing the company with deal around Rs 800-1200
crore, reports CNBC-TV18 quoting The Economic Times.
Crompton Greaves, Tata
Global Beverage, Shasun Pharma, Dish TV and S Kumars Nationwide were up nearly
1%. Traders' favourite Delta Corp was up 3%.
Deccan Chronicle
tanked 4%.
+POWERED BY: MYIRIS NEWS
No comments:
Post a Comment