THE HINDU BUSINESS LINE
Financial Daily
from THE HINDU group of publications

Thursday, August 10, 2000

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Markets

Fast track
Auto parts cos in reverse gear
THE recovery in the market on Tuesday appears to be an ephemeral one restricted only to stocks from the information technology sector. There appears to be buying interest mainly for stocks from the `new economy'. Foreign institutional investors appear to be concentrating on information technology stocks which shed a lot of value in the last one month.

Impact
IP Rings: Stake hike in pipeline
THE IP Rings stock may continue to show some firm trends with the possibility of a hike in stake by its foreign partner.

Tata Steel: `We also mine'?
THE indications of a change in the business profile by Tata Steel may not have any near-term implications for the stock price.

Rolta: Seeking synergies
THE merger of two of the group companies -- Rolta Designs and Rolta Animation -- with Rolta India is likely to generate trading interest in the stock.

Stocks
Technology shares maintain good show
TECHNOLOGY sector shares extended their gains on Wednesday even as buying in non-technology shares remained lacklustre. The narrow indices - BSE Sensex and S&P CNX Nifty - registered marginal losses, quite unrepresentative of the rally in technology sect or shares. The BSE Sensex ended 0.18 points lower at 4,317.04. The S&P CNX Nifty ended at 1,344.95, down by 0.65 points, Wednesday being the first day of settlement at NSE.

Technical Analysis
Uptrend triggered
AN uptrend was triggered in both the indices on Wednesday. The sentiment of the market became mildly bullish with many downtrend counters triggering an uptrend. A bear move prevailing on Thursday has the potential to neutralise the uptrend in both the in dices, whereas a strong bear move is likely to trigger a downtrend. Irrespective of the bull or bear move, the sentiment is likely to remain the same.


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