-
Markets recover
further. Sensex gains 97 points.
- Higher
volumes, negative breadth as bulls tighten grip.
-
Weekly
statistics
The BSE &
NSE combined weekly value of shares advancing was Rs. 19,414 crores
( previous week Rs. 20,267 crores ) and the
value of shares declining was Rs. 13,906 crores (
previous week Rs. 9,851 crores ). This
indicates a marginal selling bias. The total weekly
traded volume on the BSE was Rs. 9,985 Crores
( previous week Rs. 9,027 Crores ). The
total weekly traded volume on the NSE was Rs. 23,439 Crores
( previous week Rs. 21,285 Crores ).
The week saw a
continued buying momentum by the bulls as the July F&O
series expired smoothly. The traded volumes were marginally
higher this week as the bulls returned to the markets after
the turnover tax issue was resolved. The action was polarised
around the technology stocks as the old economy stocks gyrated
on results and monsoon announcements. The market breadth was
marginally negative and the capitalisation of the breadth
shows slower buying momentum on the index heavy-weights as
upsides are seeing profit taking. The Sensex was
boosted by ACC, Cipla, Dr. Reddy, Guj
Ambuja Cements, HDFC Bank, HPCL, Hindalco, ICICI Bank, Infosys,
ITC, ONGC, Reliance Inds, Satyam Computers, Tata Motors, Tisco,
Wipro and Zee Telefilms.
The Sensex was dragged down by Bajaj
Auto, BHEL, Grasim, HDFC, Hero Honda, Hind Lever, L&T,
MTNL, Ranbaxy, Reliance Energy, SBI and Tata
Power. The Rupee ended the week at 46.35 levels ( 
00.02 ) against the US $.
Overall, the week was in line with our expectations. Click
here to view the previous weeks report.
Top
I Derivatives
guide I Likely triggers I Technicals
I Reco's I
The markets are
likely to be influenced by the corporate earnings and the
monsoons in the near term. The PM's drought relief measures
will confirm the extent of rainfall deficiency. The markets
will see a continued buying momentum from the bulls as the
sentiments have improved in the recent times. The short
covering by the bears will add to the upward impetus and drive
the indices higher. The higher crude oil prices will be a
cause for concern and the overseas markets will remain under
pressure as long as crude prices remain firm. The domestic
prices of petrol having gone up by Re 1 will also add to
inflationary pressures on the economy. The FII investments
have remained positive throughout the week and that is a
sign of major comfort for the bulls. On the technology front,
the TCS ipo will see an acceleration of inflows towards the
end and a possible re-shuffling of holdings as the
institutional players pare exposure to the listed technology
stocks. It maybe noted that if no institutional selling occurs
in the coming week, tech stocks will lead the markets. The
F&O segment is pointing towards a stable undertone as the
volumes have perked up and the open interest is down - a
routine phenomena after expiry. The implied volatility is down
and the sentiments appear optimistic.
The overseas
markets markets have been bouyant as the fears of
continued depression have receeded. There has been a
corrective rally and that is likely to improve the sentiments
in the domestic sentiments too. Click
here to view the previous weeks report
Top
I Derivatives
guide I Likely triggers I Technicals
I Reco's I
This
segment is for paid subscribers only.
Top
I Derivatives
guide I Likely triggers I Technicals
I Reco's I
Your feedback
is important ! Please click
here to let us know your views. Click
here to inform a friend about this page on our website.
- Have a profitable day.
-
- Vijay L
Bhambwani
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.
Legal
notice :- The
Professional Ticker Reader is a
trademark of Bhambwani Securities (P)
Ltd. and any un-authorised replication /
duplication in part or full will be
infringing our trademark and will
result in legal action being
enforced on the infringing persons
/ parties.
- While all
due care has been taken while in compiling the data
enclosed herein, we cannot be held responsible for
errors, if any, creeping in. Please consult
an independent qualified investment
advisor before taking investment
decisions. This mail is not sent unsolicited, and only
advisory in nature. We have accepted no consideration
from any company mentioned above and recommend taking
decisions on merits of the stocks from our viewpoint.
This email is being sent to you as a paid subscriber.
Please protect your interests and ours by not disclosing
the contents to any un-authorised person/s.
|
96.98