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Global markets: Tentative gains - Views on News from Equitymaster
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  • Oct 13, 2003

    Global markets: Tentative gains

    Investors seem to be taking a breather with the Dow and the NASDAQ gaining marginally during the last week. While the earnings season has already started, investors are waiting for earnings announcements of larger corporates like IBM, Intel, Johnson & Johnson and Coca Cola. For the week ending October 10, the Dow gained by 1% while the NASDAQ gained by 1.8%.

    The US markets climbed marginally on all days of the week except for Wednesday and Friday, which saw some profit booking activity. The gains seen on the rest of the days were marginal and indicated tentative sentiments on part of the investors. This may have been due to cautiousness on part of investors who were expecting earnings announcements to come in. With some large US corporations announcing their results in this week, investor interest is likely to be focused on the same. If there is clarity regarding the prospects of corporate America, then the markets may see further upward movement. However, until there is clarity regarding improvement in the overall economic scenario in the US, investor sentiment may remain tentative over the long-term.

    (Price in US $) 4-Oct-03 11-Oct-03 Change
    Satyam 14.3 16.1 12.9%
    Infosys 73.7 77.6 5.3%
    HDFC Bank 22.9 24.0 4.9%
    Wipro 31.7 34.9 10.3%
    VSNL 5.6 5.8 3.6%
    Dr. Reddy's 24.4 26.3 7.8%
    Satyam Infoway 6.5 6.5 0.8%
    ICICI Bank 11.2 12.3 9.7%
    Rediff 6.3 6.4 2.4%
    MTNL 5.4 5.6 4.7%
    Silverline 1.1 1.1 -0.9%

    Among the global markets, the Indian BSE Sensex was the largest gainer, recording a gain of nearly 5% during the week. Except for the Dax and the NASDAQ, gains on other indices were marginal. There is still lack of clarity on the economic prospects of the global growth engine. i.e. the US. We may see further lackluster movement among global indices till there is clarity on the same. Asian markets, on the other hand, may witness strength on the back of improving economic fundamentals as well as strong corporate performances in the September quarter.

    Indices 4-Oct-03 11-Oct-03 Change
    NASDAQ 1,881 1,915 1.8%
    Hang Seng 11,802 11,936 1.1%
    Nikkei 10,740 10,786 0.4%
    BSE 4,553 4,770 4.8%
    FTSE 4,274 4,311 0.9%
    Dow 9,572 9,675 1.1%
    Dax 3,400 3,471 2.1%

    Indian ADRs gained strongly last week. Major gains were seen especially in software counters like Infosys, Wipro and Satyam. ICICI Bank also gained strongly during the week. Strong earnings figures, in its September quarter, reported by Infosys mainly precipitated the gains on the software counters. For more on the Infosys result please click here. Other software counters also seem to be rising in anticipation of good performance in the September quarter.



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