Financial Daily from THE HINDU group of publications
Sunday, Jul 10, 2005
Financial Daily from THE HINDU group of publications Sunday, Jul 10, 2005 |
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Investment World
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Stock Markets Markets - Stock Markets Columns - Sensor Markets end the week on positive note Vidya Bala
THE markets witnessed an action-packed week. Even as regional and global terrorist attacks threw the markets off-guard, the bulls managed to make a strong recovery setting aside fear. While the Sensex posted its 10th week of gains — the longest winning streak since the 11 week one ended on Dec 7, 2001 — the Nifty was unable to make a fast recovery from the week's mishap and lost about 1 per cent. Expectations of good first quarter results and good FII inflows buoyed the markets to start on a strong note on Monday. The positive sentiments aided the bourses to achieve new all-time highs. The terrorist attack in Ayodhya, however, dampened the market sentiment and reversed the northward journey, pushing profit-bookings to higher levels. Even as the bulls were trying to stabilise the markets after the incident, reports of bomb blasts in London saw markets across the globe nosedive. While the benchmark Sensex crashed by 142.5 points, the 50-stock Nifty lost 48.8 points. Doubts on the prolongation of panic selling were put to rest on Friday as the markets bounced back in style. The confidence index of FIIs was high as Rs1,400 crore flowed in during the first four trading sessions, including the day of the London blasts. Media, bank, and cement stocks saw heightened activity during the week. Mid-cap stocks made themselves conspicuous after a lacklustre performance over the last few weeks. The CNX Midcap 200 surged by 3.6 per cent over close of the previous week even as the S&P CNX Nifty declined by 0.7 per cent. Bank Nifty also saw active buying with the index gaining 2.5 per cent over the week. CNX IT succumbed to pressures from the bears and declined by 1.7 per cent. ABB, MTNL, VSNL, Zee Telefilms and SAIL were some of the top gainers over the week in the NSE. Power transmission and distribution equipments supplier ABB, surged by nearly 12 per cent during the week to close at Rs1,490. The company's strong growth prospects in the country and the growing investment in the power sector may have caused the bullish activity. Media stocks were in the limelight for most part of the week. While TV Today put up a stellar show and mopped up gains of about 23 per cent, Media Video, Deccan Chronicle, Television 18 and NDTV were also bought heavily over the counters. Deccan Chronicle gained amidst plans to raise $75 million through foreign currency bonds. Mahindra & Mahindra is planning to acquire Universal Tractors Ltd, a Romania-based tractor manufacturer. The stock closed with a gain of 6 per cent during the week and has also gained over 35 per cent over the last couple of months. Other auto stocks that gained during the week include LML, Escorts and Ashok Leyland. Kinetic Motors also surged after the company announced that its board may consider a rights offer to its equity shareholders.
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