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Aug 07, 2005

Markets notch another record high. Sensex gains 119 points

Higher volumes, positive breadth as midcaps rally

Weekly statistics

Indices	Open	High	Low	Close	Change
BSE - 30	7632	7843	7596	7754	118.58
BSE - 200	977	1010	971	1005	27.19
NSE - 50	2312	2377	2294	2361	48.90
Midcap 100	3414	3566	3392	3552	144.05
CNX-IT	2980	3098	2934	3025	40.00
NCDEX Agri	1245	1249	1245	1249	04.21
Dow Jones	10558 83	Nasdaq	2178 7	FTSE	5315 32
Advances	8778	Declines	7940	Put / Call trades - 83027 : 135589
FII Investments	Rs  1727 Crs Aug 1 - 4		Domestic Funds	Rs  281 Crs Aug 1 - 4

The BSE & NSE combined weekly value of shares advancing was Rs. 35,915 crores ( previous week Rs 25,246 crs ) and the commensurate value of shares declining was Rs. 19,389 crores ( previous week Rs 14,057 crs ). This indicates a marginal buying bias. The total weekly traded volume on the BSE was Rs. 17,713 Crores ( previous week Rs 11,892 crs ). The total traded weekly volume on the NSE was Rs. 37,803 Crores ( previous week Rs 27,984 crs ).

The week saw an improvement in the sentiments as the indices scaled yet another record high day after day. The traded volumes were higher than the previous week, primarily because of flooding and a day off last week. The market breadth remained positive and the midcap segment bounced back with a vengeance. The retail participation was wanting as the much awaited correction eluded the markets. The Sensex was boosted by ACC, Bajaj Auto, Bharti Tele, BHEL, Cipla, Grasim, Guj Amb Cements, Hero Honda, Hindalco, ITC, Infosys, L&T, Maruti, NTPC, ONGC, Ranbaxy, Reliance Energy, Reliance Inds, Satyam Computers, SBI, Tisco, Telco, Tata Power and TCS. The Sensex was dragged down by Dr Reddy, HDFC Bank, Hind Lever, HDFC, ICICI Bank, MTNL and Wipro. The Rupee ended the week at 43.49 levels ( 00.01 ) against the US $. Overall, the week was completely in line with our expectations. Click here to view the previous weeks report.

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• The markets are likely to take note of crude prices which are at lifetime highs at US $ 62.31 / barrel ( previous week US $ 60.57 / barrel ).

• The FII inflows are positive by Rs 1727.30 Crs during Mon - Thurs in the week gone by. That will remain a positive trigger for the markets.

• The F&O indicators point towards a high open interest and rising Nifty PCR. That shows a build-up of short sales at higher levels.

• Inflation figure of 4.07 % is lower than the previous weeks figure of 4.18 %. That is likely to be a positive trigger for market sentiments.

• The market breadth points towards a continued optimism, though upsides show a lack of buying conviction. Of the entire traded volumes of the week, 62 % was initiated on uptick days. That signifies an optimistic undertone.

• The overseas markets are showing signs of profit sales as the retail sales data in the US is weak and higher crude prices are threatening to exert inflationary pressure on global sentiments.

• For a complete perspective for the coming week, refer to our special editions "Flavours of the week" "The Derivatives Denizen " The Professional Commodities Trader" and "The Midcap Newsletter".

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Technicals

This segment is for paid subscribers only

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For stock specific recommendations please refer to our special edition " Flavours of the week". Click here to view the previous editions of the "Flavours of the week".

Have a profitable day.

 

Vijay L Bhambwani

Ceo :- Bsplindia.com

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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