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Global markets: Dow gains, Nasdaq wanes... - Views on News from Equitymaster
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  • Sep 4, 2004

    Global markets: Dow gains, Nasdaq wanes...

    In what turned out to be a week of low trading volumes, both the benchmark indices posted mixed results. While the tech laden Nasdaq lost just under 1%, Dow edged higher by an almost similar margin.

    The week's proceedings got off to a rather lackluster start with investors deciding to book profits and take some money off the table. This was seemingly to take advantage of the rally that preceded the week. While light volumes continued to haunt markets on Tuesday, bargain hunting at low levels allowed Dow to close in the positive while Nasdaq ended almost unchanged. Although economic data and reports continued to trickle in for the rest of the weekdays, Friday's August unemployment and non-farm payrolls data was the one that was most eagerly awaited. However, before that the Nasdaq gained Wednesday and Thursday while Dow had a mixed outing. On Friday while the monthly jobs report was mostly along expected lines, profit warning from chip giant Intel led to heavy selling among Nasdaq stocks and made it break its two-week winning streak. Dow on the other hand was not hit as hard and escaped with only minor losses. This helped the index to end the week with gains of just under 1%.

    Indices 27-Aug-04 3-Sep-04 Change
    NASDAQ 1,862 1,844 -0.9%
    Hang Seng 12,818 12,948 1.0%
    Nikkei 11,210 11,022 -1.7%
    BSE 5,117 5,218 2.0%
    FTSE 4,490 4,551 1.4%
    Dow 10,195 10,260 0.6%
    Dax 3,851 3,867 0.4%

    As far as indices across the globe are concerned, while European indices ended the week with gains, mixed signals emanated from the Asian indices. Gains among European indices were largely a result of gains in the energy sector as higher crude prices raised investor expectations of strong oil company profits. However, there is still a lack of strong belief that this rally is going to stretch too much as economic data has not evoked too strong a response. Among Asian indices, Nikkei, the Japanese benchmark, fell nearly 2% during the week, led largely by sell-off in chip stocks as sector leader Intel issued profit warnings.

    (Price in US$) 27-Aug-04 3-Sep-04 Change
    Dr.Reddy's 15.6 15.7 0.5%
    HDFC Bank 28.0 28.5 1.8%
    ICICI Bank 12.4 12.3 -0.7%
    Infosys 50.5 53.6 6.1%
    MTNL 6.6 6.6 0.2%
    Rediff 7.5 7.4 -1.5%
    Satyam 19.8 21.5 8.6%
    Sify 4.8 4.6 -4.2%
    VSNL 7.3 7.5 2.2%
    Wipro 16.7 17.6 5.5%

    Among Indian ADRs, barring dotcom majors and private banking giant ICICI, all the others ended the week amidst gains. Satyam, one of India's leading IT companies emerged as the highest gainer with gains of nearly 9%. The optimism could be attributed to the fact that the company has announced its first mass recruitment outside India. The hiring was conducted under an internship programme and follows an agreement that Satyam signed with the Multimedia Development Corporation of Malaysia. However with gains of 6% each, other majors like Infosys and Wipro were also not far behind and marked yet another week of IT domination among Indian ADRs.



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