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July 23, 2005

Markets in new zone. Sensex gains 152 points

Lower volumes, positive breadth as bulls display conviction

Weekly statistics

Indices	Open	High	Low	Close	Change
BSE - 30	7325	7429	7273	7423	151.71
BSE - 200	948	967	947	966	24.28
NSE - 50	2212	2268	2212	2265	53.05
Midcap 100	3384	3443	3371	3440	00.00
CNX-IT	2914	3016	2914	2984	91.10
NCDEX Agri	1258	1263	1253	1255	04.53
Dow Jones	10651 10	Nasdaq	2180 23	FTSE	5242 11
Advances	9903	Declines	6903	Put / Call trades - 108147 : 164792
FII Investments	Rs  4855 Crs July 1 - 21		Domestic Funds	Rs  501 Crs July 1 - 21

The BSE & NSE combined weekly value of shares advancing was Rs. 30,569 crores ( previous week Rs 33,744 crs ) and the commensurate value of shares declining was Rs. 15,869 crores ( previous week Rs 20,202 crs ). This indicates a buying bias. The total weekly traded volume on the BSE was Rs. 15,266 Crores ( previous week Rs 15,752 crs ). The total traded weekly volume on the NSE was Rs. 31,600 Crores ( previous week Rs 38,972 crs ).

The markets recorded yet another milestone in history as the indices scaled new highs. The traded volumes were marginally lower than the previous week and the market breadth remained positive for the third straight week. Technology stocks recouped lost ground and boosted the benchmark indices after TCS and Satyam Computers announced their numbers. The sentiments were clearly bullish and the week belonged to the pharma and banking counters. The Sensex was boosted by ACC, Bharti Tele, BHEL, Cipla, Dr Reddy, Grasim, Guj Amb Cements, HDFC Bank, Hindalco, Hind Lever, HDFC, ICICI Bank, Infosys, MTNL, Maruti, NTPC, ONGC, Ranbaxy, Reliance Energy, Reliance Inds, Satyam Computers, SBI, Tisco, Tata Motors, TCS and Wipro. The Sensex was dragged down by Bajaj Auto, Hero Honda, ITC and L&T. The Rupee ended the week at 43.48 levels ( 00.03 ) 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 marginally higher at US $ 58.65 / barrel ( previous week US $ 58.09 / barrel ).

• The FII inflows are positive with Rs 1374.20 Crs being invested between Mon - Thur this week. That will be a bullish trigger for sentiments.

• The F&O indicators point towards a rising open interest amidst lower volumes and aggressive build up in short sales. The Nifty PCR has scaled a record 1.89 : 1 on a week-on-week basis.

• Inflation figure of 4.14 % is higher than the previous weeks figure of 4.09 %. That is unlikely to impact the sentiments significantly.

• The market breadth points towards an optimistic undertone and the same has been positive for the third week in a row. Of the entire traded volumes of the week, 80 % was initiated on uptick days. That signifies a bullish undertone.

• The overseas markets have been steady as crude prices stabilise and the earnings season is underway. The Chinese revaluation of the Yuan is expected to to be a positive trigger for the markets.

• For a complete perspective on the market outlook, please refer to our special editions Flavours of the week, midacp newsletter, crude and currency trader, commodities ticker reader and f&o edition.

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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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