The Professional Ticker Reader TM

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Nov 06, 2004

Markets hit 7 month highs. Sensex gains 219 points.

Lower volumes, positive breadth as oil provides fuel to bulls.

Weekly statistics

Indices	Open	High	Low	Close	Change
BSE - 30	5678	5900	5649	5891	219.09
BSE - 200	746	775	742	775	28.94
NSE - 50	1787	1854	1776	1852	65.40
Dow Jones	10388 360	Nasdaq	2039  64	FTSE	4740 116
Advances	8842	Declines	6060	Put / Call trades - 46509 : 109271
FII Investments	Rs  555 Crs Nov 1 - 4		Domestic Funds	Rs  169 Crs Nov 1 - 4

The BSE & NSE combined weekly value of shares advancing was Rs. 18,398 crores ( previous week Rs. 16,084 crores ) and the value of shares declining was Rs. 7,545 crores ( previous week Rs. 12,739 crores ). This indicates a broader buying bias. The total weekly traded volume on the BSE was Rs. 7,785 Crores ( previous week Rs. 8,530 Crores ). The total weekly traded volume on the NSE was Rs. 18,710 Crores ( previous week Rs. 20,365 Crores ).

The markets saw the undertone taking a dramatic "U" turn from the negative to positive. The traded volumes were lower compared to previous week and the market breadth vastly improved over the previous week. The US elections marked a bullishness in themarkets and the lower crude prices added fuel to the bullish fires. The Sensex was boosted by ACC, Bajaj Auto, Bharti Tele, BHEL, Dr Reddy, Grasim, GAIL, HDFC, HDFC Bank, Hero Honda, HLL, HPCL, Hindalco, ICICI Bank, Infosys, ITC, L&T, Maruti, MTNL, ONGC, Ranbaxy, Reliance Energy, Reliance Inds, Satyam Computers, SBI, Telco, Tata Power, Tisco, Wipro and Zee Telefilms. The Sensex was dragged down by Cipla. The Rupee ended the week at 45.22 levels ( 00.16 ) against the US $.

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• The markets are likely to cheer the lower crude oil prices which are below $ 50 / barrel for the fourth day in a row. The crude prices are down $ 2 on a week-on-week basis.

• The FII investments have been positive on all the four sessions of the week, totalling Rs. 555 crs which is a bullish indicator.

• The F&O indicators point towards a higher outstanding long positions and a rise in the Nifty PCR as the bulls hedge their long positions in stocks by selling the Nifty short. Bears have also initiated fresh shorts.

• The re-election of George Bush is likely to see bullish sentiments on the technology stocks. Being heavily weighted on the indices, the indices are likely to get a boost from the sectoral bullishness.

• The overseas markets have been firm and signalled a breakout from bearish channel. The economic data emanating from the US is better than expected. That is likely to trickle down to the next week also.

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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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