The Professional Ticker Reader ®

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June 11, 2005

Markets cover further ground. Sensex gains 29 points

Lower volumes, positive breadth as old economy stocks extend rally

Weekly statistics

Indices	Open	High	Low	Close	Change
BSE - 30	6747	6883	6737	6781	28.99
BSE - 200	891	906	891	894	02.07
NSE - 50	2092	2133	2084	2090	01.75
Midcap 200	3027	3097	3027	3063	44.65
CNX-IT	2908	2964	2884	2896	17.20
NCDEX Agri	1231	1244	1227	1239	05.02
Dow Jones	10513  52	Nasdaq	2063  8	FTSE	5030  31
Advances	8303	Declines	8329	Put / Call trades - 73169 : 143030
FII Investments	Rs  1416 Crs June 1 - 9		Domestic Funds	Rs  134 Crs June 1 - 9

The BSE & NSE combined weekly value of shares advancing was Rs. 18,938 crores ( previous week Rs 21,475 crs ) and the commensurate value of shares declining was Rs. 13,577 crores ( previous week Rs 12,526 crs ). This indicates a marginal selling bias at higher levels. The total weekly traded volume on the BSE was Rs. 10,830 Crores ( previous week Rs 10,521 crs ). The total traded weekly volume on the NSE was Rs. 22,011 Crores ( previous week Rs 23,623 crs ).

The week saw a volatile trading pattern as the bulls and bears battled for control over the market sentiments. The traded volumes were marginally subdued and the market breadth shows an undecided trend in the trading numbers. The sentiments though bullish lacked a clear mandate for the bulls as the buying conviction at higher levels was clearly lacking. The Sensex was boosted by ACC, Bharti Tele, BHEL, Cipla, Guj Amb Cements, HDFC Bank, HDFC, ICICI Bank, L&t, Reliance Energy, Reliance Inds, SBI, Tata Power, Wipro and Zee Telefilms. The Sensex was dragged down by Bajaj Auto, Dr Reddy, Grasim, Hero Honda, Hind Lever, HPCL, ITC, Infosys, MTNL, Maruti, ONGC, Ranbaxy, Satyam Computers, Tisco and Telco. The Rupee ended the week at 43.55 levels ( 00.06 ) 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 lower at US $ 53.54 / barrel ( previous week US $ 55.03 / barrel ). That is a positive indicator.

• The FII inflows are continuing to remain positive with Rs 750 Crs being invested this week ( Mon - Thurs ).

• The F&O indicators point towards a rise in open interest and a short covering bias at lower levels. The FII inflows in the forward contracts is increasing and the Nifty PCR stood steady at 0.33 : 1

• Inflation figure of 5.20 % is lower than the previous weeks figure of 5.38 %. This is a positive trigger.

• The market breadth points towards a marginally optimistic undertone even as the bulls and bears are evenly poised in strength. Of the entire traded volumes of the week, 59 % was initiated on uptick days. That signifies a bullish bias in the near term.

• The overseas markets have been lack lustre and are unlikely to provide any major triggers to the domestic market sentiments.

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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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