Moneycontrol
Jul 08, 2013 03:48 PM IST | Source: Moneycontrol.com

Nifty stays below 5900; Tech Mah, Mahindra Satyam down 5-6%

It is a consolidation day for equity benchmarks as both indices are trading in a particular range with negative bias. Even the Indian rupee is quite volatile.

Nifty stays below 5900; Tech Mah, Mahindra Satyam down 5-6%

Moneycontrol Bureau
Live Market Commentary


12:55pm The Immigration Bill passed by the US senate recently will have a significant impact on the Indian IT sector, says Moshe Khatri of Cowen & Co. Speaking to CNBC-TV18, he says, one of the provisions in the Bill could be consequential and disruptive to the Indian IT sector if it goes through in its current form.


Also Read: H1-B salary rise clause will hit Indian IT cos hard: Nomura


For IT giant Infosys, Khatri does not see any significant margin degradation. "But you could see some revenue and earnings reset in Infosys' at least for the next few quarters given some of the things that are going internally," he said.


12:50pm Bajaj Auto's total sales dropped to 2.95 lakh units in June from 3.39 lakh units in previous month, but exports increased to 1.2 lakh units from 1.11 lakh units during the same period.


Rajiv Bajaj of the two-wheeler major says sales weakened due to weak domestic demand environment, but export markets are seeing some revival currently, he adds.


He further says motorcycle market share is down to 30 percent due to Chakan production loss. The strike has been continued at Chakan plant from last week.


12:45pm Crompton Greaves rallied 5 percent and M&M Financial gained 3 percent.


12:35pm Reliance Communications shares declined 1.7 percent on profit booking after the stock rallied 12 percent in previous session.


Mahindra Satyam and Tech Mahindra are down 5-6 percent. Former will stop trading on exchanges from July 4 and will be merged into Tech Mahindra.


Tata Motors and Tata Power slipped 1.5 percent each on profit taking.


12:25pm Coal India shares dropped 1.7 percent as its production in June was 32.57 mt, which was lower as compared to target of 35.23 mt. Even offtake was lower than target at 37.09 mt as against 39.85 mt targetted by the company.


Natco Pharma gained 2.6 percent after the pharmaceutical company received approval from US FDA for generic Maxalt tablets.


12:15pm It is a consolidation day for equity benchmarks Tuesday as both indices are trading in a particular range with negative bias. Even the Indian rupee is quite volatile.


The BSE Sensex is down 28.90 points at 19548.49, and the Nifty is down 13.15 points at 5885.70.


European markets too are volatile in opening trade due to lack of trigger.

Future Retail shares gained more than 8 percent. Future Ventures and Pantaloon Fashion are likely to be listed this week, reports CNBC-TV18.

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