Fast track
Pharma scrips: The prescribed course
SINCE the start of the year, investment by foreign institutional investors (FIIs) has been the major driving force in the market. Total purchases by FIIs during the first six weeks have been nearly four-fifth of their total purchases during the previous
year.
Impact
Glaxo-SmithKline: Smooth merger?
THE possibility of a merger between Glaxo India and SmithKline Beecham Pharmaceuticals may lead to some speculative interest in the stock. But any sharp improvement in the near-term appears unlikely.
Khoday: Buyback with limited interest
THE buyback proposal that has been announced by Khoday India may not excite the markets.
VIP Ind: The French connection
THE likelihood of VIP Industries going in for a technical collaboration with a French company may be viewed favourably by the markets. The company is to enter into technical collaboration with Delsey, France and this has been cleared by the Government.
Stocks
LYONS RANGE
THE Calcutta Stock Exchange on Monday saw the Tata Engineering stock rule strong, while the counters of Kesoram Industries, Tata Tea, ITC, and HFCL eased at close.
Banking stocks cash in on rate cut
ON Monday, the 30-stock barometre of the Bombay Stock Exchange, the Sensex, closed at 4350.65, up 20.33 points or 0.47 per cent from the previous close of 4330.32. The rise was triggered by a rally in bank stocks, attributed mainly to a cut in interest r
ate of 50 basis points to 7.50 per cent by the Reserve Bank of India.
Technical Analysis
Indecisive movement
THE market movement was volatile on Monday with both the bulls and the bears being active. At the end of the day, the index closed with a marginal gain of about three points. However, the trend of the index continued to be in the downward direction. The
sentiment of the tradable list was strongly favouring the bears, supporting the continuation of the prevailing downtrend.
