Global markets: Crude prices behave - Views on News from Equitymaster

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Global markets: Crude prices behave

May 22, 2004

A mix of both good as well as bad news and an opportunity for bargain hunting at lower levels resulted into the US benchmark indices posting mixed results for the week. However, the difference was only marginal. While the tech laden Nasdaq, ended the week with marginal gains, Dow edged marginally lower. While higher crude prices and tensions in Iraq were already weighing on the markets for quite some time now, huge sell off in India on account of political unrest further added to the woes and triggered a global sell-off on Monday. US markets did not remain immune to it either. However, an opportunity for bargain hunting and robust results from a couple of tech heavyweights resulted into some gains over the next couple of days. With the week drawing to close, crude prices finally showed signs of easing off following reports that Saudi Arabia is pushing OPEC to affect a production raise by around 2 m barrels a day. This, along with re-affirmation by the Fed that interest rate rise will be a slow and steady affair, did soothe some nerves and prevented further downfall.

Indices 14-May-04 21-May-04 Change
NASDAQ 1,904 1,912 0.4%
Hang Seng 11,277 11,576 2.7%
Nikkei 10,850 11,070 2.0%
BSE 5,069 4,962 -2.1%
FTSE 4,442 4,431 -0.2%
Dow 10,013 9,967 -0.5%
Dax 3,803 3,832 0.8%

Among the world's other major indices, while Asian heavyweights, Nikkei and Hang Seng posted strong gains, European indices remained under pressure and suffered marginal declines. While banking and retail stocks led the strength in Nikkei, rising crude oil prices and drying up of corporate results season saw the European markets posting lackluster performances for the week. However, the week's ignominy was reserved for Indian benchmark BSE, which after witnessing a second highest intra day downfall on account of political drama, recovered over the next couple of day but still ending 2% below the breakeven.

(Price in US$) 14-May-04 21-May-04 Change
Dr.Reddy's 18.5 18.9 2.2%
HDFC Bank 26.0 26.1 0.4%
ICICI Bank 12.7 12.7 0.0%
Infosys 74.7 81.0 8.4%
MTNL 6.0 6.7 11.7%
Rediff 7.2 7.2 0.0%
Satyam 18.4 18.5 0.5%
Satyam Infoway 6.2 6.2 0.0%
VSNL 6.3 6.0 -4.8%
Wipro 38.8 42.4 9.3%

It was surprisingly a good week for the Indian ADRs as barring telecom major VSNL, all the others either ended little changed or witnessed strong gains. Tech majors led the charge with Wipro, which edged 9% higher for the week, emerging as the highest gainer. The buying interest was perhaps triggered by robust results as well as strong forecasts issued by couple of US tech heavyweights, which had a rub off effect on Indian tech ADRs. Pharma major Dr Reddy's, which ended higher by 2% was among the other major gainers.


Equitymaster requests your view! Post a comment on "Global markets: Crude prices behave". Click here!

  

More Views on News

BSE Sensex Surges 510 Points; ONGC Among Top Gainers (Market Updates)

Sep 28, 2020 | Updated on Sep 28, 2020

The BSE Sensex Surged 510 Points; ONGC Among Top Gainers. Find the latest update, special reports and news on all time high gainers of BSE Sensex at equitymaster.com.

My Top Pick for 2021 is Not a Stock. It is Something Much More Powerful (Profit Hunter)

Sep 28, 2020

My top pick for 2021 is something that has helped me and my subscribers beat the stock market by a factor of 2:1.

Your Queries on the 8-Year Cycle Answered (Fast Profits Daily)

Sep 25, 2020

You've sent in your queries on my videos on the 8-year greed and fear cycle in the market. I'll answer them in this video.

It's When You Sell that Counts (Profit Hunter)

Sep 25, 2020

How I alerted readers to the impending crash last week.

Can the Nifty Fall to 10,200? (Fast Profits Daily)

Sep 24, 2020

The Nifty has reached an important support level today. If it breaks then we could see further downside.

More Views on News

Most Popular

Why We Picked This Small-cap Stock for Our Hidden Treasure Subscribers (Profit Hunter)

Sep 17, 2020

This leading household brand will profit big time in a post covid world.

My Top Stock to Buy in this Market Selloff (Profit Hunter)

Sep 22, 2020

The recent correction offers a great opportunity to buy this high conviction smallcap stock.

Can the Nifty Fall to 10,200? (Fast Profits Daily)

Sep 24, 2020

The Nifty has reached an important support level today. If it breaks then we could see further downside.

What Do the Charts Say About Buying Smallcaps Now? (Fast Profits Daily)

Sep 18, 2020

Everyone seems to be excited about buying smallcaps now...but is it the right thing to do? What do the charts tell us? Find out in this video...

More

Covid-19 Proof
Multibagger Stocks

Covid19 Proof Multibaggers
Get this special report, authored by Equitymaster's top analysts now!
We will never sell or rent your email id.
Please read our Terms

S&P BSE SENSEX


Sep 28, 2020 02:26 PM

MARKET STATS