Weekly market view
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April 24, 2004 |
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The BSE & NSE weekly combined value of shares advancing was Rs. 20,010 crores ( previous week Rs 19,180 crs )and the equivalent value of shares declining was Rs. 14,710 crores ( previous week Rs 12,808 crs). This indicates a broader buying bias. The total weekly traded volume on the BSE was Rs. 11,063 Crores ( previous week Rs 10,208 crores ). The total weekly traded volume on the NSE was Rs. 25,097 Crores ( previous week Rs. 22,069 crores ).
The markets saw an
improvement in sentiments as the above figures indicate. The traded
volumes improved, breadth was positive and the capitalisation of the
breadth was positive. The undertone was improved over the previous week
and the old economy segment was instrumental in boosting the market
values. Bonus issues, exit poll and good results were the highlight of the
weeks trade and the indices managed to close with over 1 % gains over the
previous week. The Sensex was boosted by ACC,
Bharati Tele, Cipla, Dr Reddy, Grasim, Guj Amb Cem, HDFC Bank, Hero Honda,
HPCL, Hindalco, ICICI Bank, ITC, L&T, MTNL, Ranbaxy, Reliance, SBI, Telco,
Tata Power, Tisco and Zee Telefilms. The Sensex was
dragged down by Bajaj Auto, BHEL, BSES, HDFC,
Hind Lever, Infosys, ONGC, Satyam Computers and Wipro. The rupee ended the
week at 44.03
levels ( Top I Derivatives guide I Likely triggers I Technicals I Reco's I The markets will be awaiting the exit polls eagerly as the bulls & bears have built up positions based on their expectations and preferences . This is will be the single largest trigger for the markets in the immediate future. If the NDA is predicted to get a majority, expect the markets to move up strongly. The next in the order of importance will be the earnings numbers which will help in short term trend determination. The US $ will also be a major factor as the price discovery mechanism in the technology sector will depend heavily on the currency equation. The FII inflows have continued, but there are signs of a minor slowdown. This is expected in election times. The F&O segment is showing higher turnover and outstandings which is a positive indicator. Should this trend continue, we expect the markets to inch higher. Of all the traded volumes in the previous week, only 40 % were on positive breadth days, the remaining was transacted on negative market breadth days. Sectoral focus will be seen on banking, telecom, automobile, energy and infrastructure stocks. The overseas markets were steady and are consolidating at the present levels. Overall, we expect an optimistic week with possible profit taking at higher levels. Click here to view the previous weeks editions Top I Derivatives guide I Likely triggers I Technicals I Reco's I This segment is for paid subscribers only. Top I Derivatives guide I Likely triggers I Technicals I Reco's I
For stock specific recommendations, please refer to our special edition, "Flavours of the week". Click here to view the previous editions of the same. Top I Derivatives guide I Likely triggers I Technicals I Reco's I Your feedback is important ! Please click here to let us know your views. Click here to inform a friend about this page on our website.
The author is a Mumbai based investment consultant and invites feedback at Vijay@BSPLindia.com and ( 022 ) 23438482 / 23400345. SEBI disclosure - The author has no positions in the stocks mentioned above.
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63.95
100 Crs Apr 1 - 22Your feedback is important ! Please click here to let us know your views. Click here to inform a friend about this page on our website.