Fast track
Kesoram Ind: Fuelled by rumours
WITH just two weeks to go for the Union Budget the industry is looking forward to some favourable changes which would trigger growth prospects. In this background, select old economy counters have caught the market's attention during the past fortnight.
Stocks such as Bajaj Auto, Tata Steel, Indian Rayon and Kesoram Industries were some of the major gainers.
Impact
Suven Pharma: Positive signals
AN equity stake taken in Suven Pharma by Borregaard Industries augurs well over the medium-term. Borregaard Industries has been associated with Suven Pharma for a few years and the stake acquisition suggests that the relationship has been strengthened.
Kesoram Industries: Toeing promoters' line
THE firm trends in the Kesoram Industries' stock may continue in the wake of the indications that the promoters are enhancing their stake through the creeping acquisition limit.
Medicorp Tech: Possible exports boost
THE USFDA approval for Medicorp Technologies' Pashamylaram manufacturing facility is likely to boost the company's profitability in the medium-term.
Stocks
Lyons Range
THE Calcutta Stock Exchange on Friday saw fresh selling in the HFCL counter. The scrip slipped 9.18 per cent to close at Rs 905.70. Transactions stood at 36.30 lakh shares.
Tech stocks spoil the party
AFTER a 74 point rally on Thursday, the BSE Sensex had to contend with 107 point decline on Friday. The sharp decline in software stocks pulled down the Sensex to 4330.32 points towards the close of Friday's trading. Heavy-weights such as Infosys Technol
ogies, NIIT and Satyam Computers were prominent losers from the software industry. The profit warning issued by Nortel Networks, has been cited as the reason behind the crash in software stocks.
Technical Analysis
Bearish intra-day
THE bears dominated the market on Friday and triggered a fresh downtrend in the cash index. The market terrain is volatile and indecisive at the moment with alternate bouts of domination by the bulls and bears. The sentiment of the tradable list became m
ildly bearish with a few counters triggering a fresh downtrend.
