Today the sensex rested at 17616.69, up by 153.82 points and the Nifty rested at 5274.85, up by
41.50 points. Thus the sensex has soared by 551.74 points in 4 consequetive days from Monday 14/6/2010 till 17/6/2010. and God willing if the sensex moves in similar fashion for another 1 or 2 days, the sensex will kiss 18000 mark . Those who had entered the market at lower levels from a swing trading perspective should consider booking profits . The top gainer was L&T which closed at Rs.1777/= up by Rs.55.80 [ 3.34 per cent ] and the top loser was Hero Honda which shed 1.65 per cent / Rs.33.35.
At the macro level, we can expect to see investment of around $ 40 billion in the Indian telecom sector as the company presses on to build a network of one billion mobile phones over next two years. [ Telecom Equipment & Services Export Promotion Council ] Savvy investors can consider selectively picking up stocks of those companies which can benefit from such investment.
There’s somewhat good news for IRB shareholders in that the company is planning to get into the cement and power sector - the stock’s LTP on NSE was Rs.279.85, down by Rs.0.10 and that’s the way good news and bad news is treated by the markets, absolutely unpredictable.
Punj Lloyd shareholders too can celebrate as the company announced that its subsidiary bagged a contract of Rs.13.94 billion in Singapore. The LTP today on NSE was Rs.126.15, up by Rs.0.25.
Agricultural Bank of China is planning to raise US $ 23 billion through an IPO – just wondering how many light years away are we from China which build massive roads first [ total 65065 kms as of 1 Jan 2010 and expected to peak to 175000 kms by 2050] and then ramps up its automobile capacities and not the other way round!
Kishor S. Khot, [Kishor@hbjcapital.com], Equity Strategist, HBJ Capital Services Pvt Ltd
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