The Professional Ticker Reader TM

Your accurate, authentic and affordable guide to investing

Dec 04, 2004

Markets zoom past record highs. Sensex gains 288 points.

Higher volumes, negative breadth as stocks change hands.

Weekly statistics

Indices	Open	High	Low	Close	Change
BSE - 30	6033	6361	6029	6322	287.73
BSE - 200	798	841	798	835	38.22
NSE - 50	1899	2011	1894	1996	95.15
Dow Jones	10592  70	Nasdaq	2148 46	FTSE	4748 6
Advances	6806	Declines	9074	Put / Call trades - 53149 : 142678
FII Investments	Rs  1326 Crs Dec 1 - 2		Domestic Funds	Rs  251 Crs Nov 1 - 2

The BSE & NSE combined weekly value of shares advancing was Rs. 57,202 crores ( previous week Rs 40,312 crores) and the value of shares declining was Rs. 15,627 crores ( previous week Rs. 14,144 crores ). This indicates a marginal selling bias. The total weekly traded volume on the BSE was Rs. 43,991 Crores ( previous week Rs. 36,476 Crores ). The total weekly traded volume on the NSE was Rs. 29,102 Crores ( previous week Rs. 18,143 Crores ).

The week saw a record breaking movement in the markets as the BSE Sensex zoomed past the previous high and closed the week with major gains. The traded volumes substantially higher and the undertone was vastly improved over the previous weekend. The market breadth was negative as profit taking from short players on small / mid-cap scrips was witnessed. The Sensex was boosted by ACC, Bajaj Auto, Bharti Tele, BHEL, Cipla, Dr Reddy, Grasim, Guj Amb Cements, Hero Honda, Hind Lever, HPCL, Hindalco, ICICI Bank, Infosys, ITC, L&T, Maruti, ONGC, Ranbaxy, Reliance Energy, Reliance Inds, SBI, Tata Power, Telco, Tisco, and Wipro. The Sensex was dragged down by HDFC, HDFC Bank, Satyam Computers and Zee Telefilms. The Rupee ended the week at 44.08 levels ( 00.46 ) 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 down to two and half month lows at the US $ 42.54 / barrel ( previous week US $ 45.03 / barrel ).

• The FII inflows are continuing to remain strong and the main source of comfort to the bulls. The inflows have been to the extent of Rs 2701 Crs in this week.

• The F&O indicators point towards a rising open interest as the bulls are enhancing commitments even at higher levels.

• The strengthening Rupee is a cause for concern as the technology counters are likely to witness a pressure on margins from treasury losses.

• The market breadth points towards a change in logistics as the short term / weaker bulls exit positions and stronger hands are getting in.

• The overseas markets are pointing towards firm undertone ahead of Christmas as the oil prices are showing a downward bias.

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Technicals

For a week's free trial, e-mail at trial@bsplindia.com

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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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