The Professional Ticker Reader TM

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Nov 14, 2004

Markets in bullish hands. Sensex gains 73 points.

Lower volumes, positive breadth as bulls usher in 2061.

Weekly statistics

Indices	Open	High	Low	Close	Change
BSE - 30	5912	6001	5910	5964	72.65
BSE - 200	776	787	774	782	07.04
NSE - 50	1852	1885	1852	1872	20.65
Dow Jones	10539 151	Nasdaq	2085  46	FTSE	4794 54
Advances	8585	Declines	6287	Put / Call trades - 30696 : 82409
FII Investments	Rs  1874 Crs Nov 1 - 10		Domestic Funds	Rs  3 Crs Nov 1 - 10

The BSE & NSE combined weekly value of shares advancing was Rs. 15,642 crores ( previous week Rs. 18,398 crores ) and the value of shares declining was Rs. 15,918 crores ( previous week Rs. 7,545 crores ). This indicates a marginal buying bias. The total traded volume on the BSE was Rs. 16,007 Crores ( previous week Rs. 7,785 Crores ). The total traded volume on the NSE was Rs. 15,752 Crores ( previous week Rs. 18,710 Crores ).

The markets saw a choppy week as the bulls fought to wrest control from the bearish forces. The weaker crude oil prices helped the bulls and optimism prevailed in the week. The traded volumes were lower, had it not been for bulk deals on the BSE, the figures would have been even lower. The market breadth was positive and the undertone was firm. The Sensex was boosted by ACC, Bajaj Auto, Bharti Tele, Cipla, Dr Reddy, Guj Amb Cem, HDFC, HDFC Bank, Hero Honda, Hind Lever, HPCL, Hindalco, Infosys, ITC, L&T, Maruti, MTNL, ONGC, Reliance Inds, Satyam Computers, Telco, Tata Power, Tisco, Wipro and Zee Telefilms. The Sensex was dragged down by BHEL, Grasim, ICICI Bank, Ranbaxy, Reliance Energy and SBI. The Rupee ended the week at 45.16 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 be cheered by the easing crude prices which are down 5 % on a week-on-week basis to close at $ 47.32 / barrel on higher than expected US inventory. A further steep fall is unlikely till the Nigerian standoff is solved. Till then, expect a slow slide.

• The FII inflows continue to remain positive and totalled Rs 734 Crs in the first three sessions of the week as per available data. That is likely to be a positive trigger for the bulls.

• The F&O indicators point towards a rising open interest on lower volumes ( part of the reason is the festive season ) and rising short positions as the bulls hedge their stock longs with Nifty shorts. The Nifty PCR stands at 1.17 : 1

• The strengthening Rupee is exerting downward pressure on the technology stocks, which in turn are dragging the indices lower. A rally in the tech sector would be welcome for the broader markets.

• The overseas markets have been bouyant and are likely to be a positive trigger for the domestic markets. Overall, the week was completely in line with our expectations. Click here to view the previous weeks report.

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Technicals

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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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