Weekly market view. May 09, 2004
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May 08, 2004 |
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The BSE & NSE combined weekly value of shares advancing was Rs. 19608 crores and the value of shares declining was Rs. 12485 crores. This indicates a broader buying bias. The total weekly traded volume on the BSE was Rs. 10487 Crores. The total traded volume on the NSE was Rs. 21879 Crores.
The markets saw an
optimistic mood in the initial part of the week as the fears of the exit
polls subsided. The last day of the week however saw sharp selling
pressure as the bulls played safe and locked in gains at higher levels.
The traded volumes were lower and the market breadth was positive in
numerical and capitalisation terms. The action was polarised around the
cement, banking, automobile and select index heavy-weights. The Sensex was boosted by ACC,
Bajaj Auto, BSES, Dr Reddy, Guj Amb Cem, HDFC, Hero Honda, Hind Lever,
HPCL, Infosys, L&T, MTNL, ONGC, Reliance, SBI, Telco, Tata Power,
Wipro and Zee Telefilms . The Sensex was
dragged down by Bharati Tele, BHEL, Cipla, Grasim,
Hindalco, ICICI Bank, ITC, Ranbaxy and Tisco . The rupee ended the
week at 44.66
levels ( Top I Derivatives guide I Likely triggers I Technicals I Reco's I The markets are likely to be completely governed by the elections and the final announcements of the numbers. Till then the undertone is likely to be tentative and news driven. The FII investment figures are marginally negative and will ensure that the upsides will be limited. The traded volumes were expectedly lower this week as compared to the previous week. Of the entire traded volumes in the week, 41 % were transacted on negative breadth days. The major market movers will be the PSU disinvestment candidates which will see focussed activity. The cement, banking and infrastructure sector stocks will be the next driving forces. The F&O segment also shows lower transacted volumes, though the outstanding open interest has improved substantially. The market breadth has remained positive and the outlook is cautiously optimistic in the coming week. The overseas markets have been flat and are unlikely to exert significant influence on the domestic sentiments in the coming week. Overall, we expect the markets to be news driven and cautiously optimistic. 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
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." 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.
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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14.49
109Your feedback is important ! Please click here to let us know your views. Click here to inform a friend about this page on our website.