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July 30, 2005

Markets blaze higher. Sensex gains 212 points

Lower volumes, negative breadth as midcaps reel under profit sales

Weekly statistics

Indices	Open	High	Low	Close	Change
BSE - 30	7427	7708	7427	7635	212.17
BSE - 200	967	987	967	978	11.78
NSE - 50	2266	2332	2266	2312	46.70
Midcap 100	3456	3470	3400	3408	31.20
CNX-IT	2986	3008	2932	2985	01.00
NCDEX Agri	1254	1254	1242	1245	10.50
Dow Jones	10641  10	Nasdaq	2185 5	FTSE	5282 40
Advances	5066	Declines	8366	Put / Call trades - n/a
FII Investments	Rs  7202 Crs July 1 - 27		Domestic Funds	Rs  82 Crs July 1 - 27

The BSE & NSE combined weekly value of shares advancing was Rs. 25,246 crores ( previous week Rs 30,569 crs ) and the commensurate value of shares declining was Rs. 14,057 crores ( previous week Rs 15,869 crs ). This indicates a selling bias. The total weekly traded volume on the BSE was Rs. 11,892 Crores ( previous week Rs 15,266 crs ). The total traded weekly volume on the NSE was Rs. 27,984 Crores ( previous week Rs 31,600 crs ).

The week saw a continued bullish sentiment prevail in the markets inspite of f&o expiry and selling pressure on the midcap segment. The traded volumes were muted on a week-on-week basis ( also because of the floods in Mumbai ). The market breadth continued to remain negative and underscored the selling bias from the retail segment at higher levels. The Sensex was boosted by Bajaj Auto, Bharti Tele, BHEL, Dr Reddy, Grasim, Guj Amb Cements, HDFC Bank, Hindalco, Hind Lever, HDFC, ITC, ICICI Bank, Infosys, L&T, Maruti, NTPC, ONGC, Reliance Industries, SBI, Telco and Wipro. The Sensex was dragged down by ACC, Cipla, Hero Honda, MTNL, Ranbaxy, Reliance Energy, Satyam Computers, Tisco, Tata Power and TCS. The Rupee ended the week at 43.48 levels ( 00.00 ) 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 higher at US $ 60.57 / barrel ( previous week US $ 58.65 / barrel ).

• The FII inflows are continuing to remain positive as inflows of Rs. 1306.70 crs were seen between Mon - Thurs.

• The F&O indicators point towards a routine unloading of long positions and a fairly high Nifty PCR - indicating continued hedging bias at higher levels.

• Inflation figure of 4.18 % is higher than the previous weeks figure of 4.14 %. That is a result of rising petroleum product prices.

• The market breadth points towards a selling bias at higher levels in the small / midcaps. Of the entire traded volumes of the week, 25 % was initiated on uptick days. That signifies a profit taking from the retail segment.

• The overseas markets have been steady on the back of earnings season in progress. Higher crude prices are likely to remain a worry.

• For a complete perspective on the market trends, please refer to our special editions - The Professional Commodities Trader, The Crude and Currency Trader, The Derivatives Denizens, Flavours of the week and Midcap stories of the week.

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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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