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Build your portfolio - Views on News from Equitymaster
 
 
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  • Jul 7, 2001

    Build your portfolio

    The Sensex declined 4.4% (151 points) during the week. Being the first week post badla low volumes were anticipated. The UTI fiasco hit the sentiment real bad. The weakness on the NASDAQ didn't help matters either. Looking ahead, there is not much that could change in the short term.

    The week saw some entertainment on the bourses as people by 'mistake' sold ACC for Re 1 and bought Reliance Petro for Rs 300. But the good thing is, Sebi and the exchanges stepped in quickly and applied the "operating price ranges" of 20% on the top 53 boundary-less stocks. It means that when an order is placed at a price that is higher or lower by 20% over the last closing price, then the exchange shall freeze the order, i.e., the order will not enter the NSE trading system. The Exchange will review the order and may either release the same for entry into the system or seek confirmation from the broker or his client or cancel the order of its own accord. So now, no more ACC for Re 1.

    Last evening, the UTI announced that it has secured a line of credit to the tune of Rs 15 bn from SBI. In effect, UTI gets another lease of life, the second time in three years.

    Both the aforesaid developments should negate the pessimism that haunted the bourses in the past week. But given the sluggish economic environment both in India and the US, one can't see any trigger in the near term.

    Added to that, the composition of our indices is such that a broad based rally is not possible without a revival in the tech story. Looking at the scenario in the US, a near term revival can be safely ruled out.

    Infosys was the key gainer this week. It saw a late surge on Friday on rumours that it had obtained a US$ 3 m order from Vodafone and a repeat order from Lucent. The company has not confirmed the rumours.

    Looking ahead, there is not much that could change in the short-term. But conversely, if the markets seem to be heading nowhere, then it seems a good time to pick and choose the good stocks to build a healthy portfolio.

     

     

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