Money Tree

What’s buzzing today

Divi’s Lab

Divi’s Lab is leading the midcap pharma pack. On the back of good quarterely results, the stock is up more than 8 percent at Rs. 4398 as against a close of Rs.4057 yesterday. Matrix Labs has also posted good set of numbers and is following the trend, the stock is up 6.7 percent at Rs. 235 as against its yesterday’s close of Rs. 220.20.

NIIT Technology

As indicated by us in the morning the stock has reacted to its numbers and the stock jumped almost 13 percent in the morning to make a life time high of Rs. 595. Currently the stock is quoting at Rs. 570 almost 9 percent up.

HCL Infosys

There are some rumours in the market of HCL Infosys being merged with NIIT Tech and the stock has jumped about 3 percent to Rs. 159. The stock will see a sharp upmove once the news is confirmed.

Shringar Cinemas

Shringar has kept its upmove and is up more than 5 percent at Rs. 68.20. The stock has made a high of Rs. 70 in the morning. The stocks in the media pack have been in an uptrend for quite some time now.

Idea Cellular

Idea Cellular has crossed its strong resistance placed at Rs. 120 level and is presently trading at Rs. 122.55. The stock has been trading in the range of Rs. 113 to Rs. 119 for about a month and a breakout from this range will give further momentum to the stock to run up to Rs. 130 levels.
Spice Telecom has prepared to come up with an IPO and as per the latest reports Idea Cellular is working on a pre IPO stake holding in the Spice telecom. Spice telecom is presently operating in Punjab and Karnataka circles where Idea is yet to mark its presence, Idea is eyeing at the stake buy as it will complement its all India reach.

What’s dragging the NIFTY

The biggest dragger of NIFTY is Punjab National Bank. The bank has disappointed the markets by posting weak set of numbers and in reaction to that the stock is down about 4.5 percent at Rs. 535. Tata Steel is another dragger with its stock price down 3.64 percent at Rs. 635.35.
The oil marketing companies HP and BP are also more than 2 percent down contributing in dragging the NIFTY down. Currently at 11.00 a.m. the NIFTY is down 17.75 points at 4229.75.