Bloomberg Feb 9, 2010

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“Given a choice, investors would like to play the India theme rather than global,” said Jagannadham Thunuguntla, chief strategist at SMC Capitals Ltd. in New Delhi. “Investors are not in a rush to buy at the moment.”

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Bloomberg Feb 9, 2010

  1. 1. Indian Stocks Fluctuate; Tata Steel Gains as Sterlite Declines By Rajhkumar K Shaaw Feb. 9 (Bloomberg) -- Indian stocks fluctuated. Tata Steel Ltd. rose as investors bought shares in companies less exposed to global economic swings. Sterlite Industries (India) Ltd. fell. Tata Steel, India’s largest producer of the metal, gets almost 90 percent of its sales in India. Sterlite, the nation’s largest copper and zinc producer, sells about a third of its products abroad. “Given a choice, investors would like to play the India theme rather than global,” said Jagannadham Thunuguntla, chief strategist at SMC Capitals Ltd. in New Delhi. “Investors are not in a rush to buy at the moment.” The Bombay Stock Exchange’s Sensitive Index, or Sensex, fell 30.48, or 0.2 percent, to 15,905.13 at 9:37 a.m. in Mumbai. The index has lost 10 percent from a Jan. 6 peak, a slide that defines a correction. The S&P CNX Nifty Index on the National Stock Exchange added 0.1 percent to 4,763.35. The BSE 200 Index increased 0.1 percent to 2,024.30. Tata Steel added 1.1 percent to 539.7 rupees. Asia’s third- largest economy will probably expand 7.2 percent in the year ending March 31 from a year earlier after growing 6.7 percent in the previous 12 months, according to a statement from the Indian government’s Central Statistical Organisation yesterday. Sterlite fell 1 percent to 744.8 rupees. Copper was little changed in London, after rebounding from a three-month low yesterday, on investor concern that budget deficits in Europe may slow the global economic recovery.

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