The Professional Ticker Reader TM

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Nov 26, 2004

Markets inch higher. Sensex gains 73 points.

Lower volumes, positive breadth even as Reliance caps gains.

Weekly statistics

Indices	Open	High	Low	Close	Change
BSE - 30	5921	6081	5877	6035	73.32
BSE - 200	779	803	774	797	12.51
NSE - 50	1872	1915	1845	1901	28.70
Dow Jones	10520 63	Nasdaq	2103 32	FTSE	4753 7
Advances	7820	Declines	4724	Put / Call trades - 45278 : 124952
FII Investments	Rs  4518 Crs Nov 1 - 24		Domestic Funds	Rs  570 Crs Nov 1 - 24

The weekly BSE & NSE combined value of shares advancing was Rs. 40,312 crores ( previous week Rs. 13,514 crores ) and the commensurate value of shares declining was Rs. 14,144 crores ( previous week Rs. 18,048 crores ). This indicates a broader buying bias. The total weekly traded volume on the BSE was Rs. 36,476 Crores ( previous week Rs. 22,713 Crores ). The total weekly traded volume on the NSE was Rs. 18,143 Crores ( previous week Rs. 16,603 Crores ).

The week saw a choppy undertone as the markets flipped flopped to the Reliance news flow and the gains were capped significantly. But for the Reliance imbroglio, the markets would have been much higher and bulls would have scored a major win over the bears. The traded volumes were lower as the week was a truncated one due to a holiday. The market breadth remained positive and the overall mood was optimistic. The Sensex was boosted by ACC, Bajaj Auto, Bharti Tele, BHEL, Cipla, Dr Reddy, Guj Ambuja Cements, HDFC Ltd, HDFC Bank, Hero Honda, Hind Lever, Hindalco, ITC, L&T, Maruti, MTNL, ONGC, Ranbaxy, Satyam Computers, SBI, Telco, Tata Power, Tisco and Wipro. The Sensex was dragged down by HPCL, ICICI Bank, Infosys, Reliance Energy, Reliance Industries and Zee Telefilms. The Rupee ended the week at 45.03 levels ( 00.07 ) 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 up this week on lower inventory worries in the USA to close at $ 49.44 / barrel. That is likely to fuel inflation worries.

• The US $ itself has been weakening against major international currencies and will impact the domestic software scrips negatively on forex losses. Technology stocks with a relatively lower US exposure will outperform their peers.

• The FII inflows are continuing to remain strong and the inflows for the first three sessions of this week totalled Rs 1,178 Crs.

• The F&O indicators point towards a high rollover and robust growth in outstanding open interest. The OI has been high even post expiry. The FII OI has scaled up to Rs 7,384 Crs.

• The market breadth points towards a positive undertone and a buying bias at lower levels. Of the entire transacted volumes during the week, only 25 % was executed on downtick days.

• The ongoing Reliance imbroglio is likely to impact the sentiments significantly as the weightage of the group stocks is fairly high in the indices.

• The hike of railway freight rates and freeze on LPG price revision are likely to be negative triggers, albeit, minor ones.

• The overseas markets have been positive and are likely to provide a positive rub off to the domestic markets.

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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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