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Global markets: US cautious, others upbeat… - Views on News from Equitymaster
 
 
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  • Oct 18, 2003

    Global markets: US cautious, others upbeat…

    On the US bourses, it was yet another week where investors exercised caution and were largely unwilling to push the indices further from the already high current levels. As a result, for the week ending October 17, while the Dow saw a marginal 1% increase, Nasdaq closed marginally lower.

    Strong earnings forecast from majors such as IBM and Intel kicked off the week’s proceedings on a high note with both the indices carving out new highs on Monday and Tuesday. However, the market lost steam on Wednesday and also most of Thursday, before recovering late on Thursday as one of the reports on manufacturing sector indicated that the output is on the rise. Grim forecasts from tech majors such as eBay and Sun Microsystems on Friday, however, put further pressure on the markets and as a result, both the Nasdaq and Dow edged lower. While the indices ended lower for the week, the experts remain optimistic about the long-term prospects of the economy.

    Indices 11-Oct-03 18-Oct-03 Change
    NASQAQ 1915 1912 -0.2%
    Hang Seng 11936 12044 0.9%
    Nikkei 10786 11038 2.3%
    BSE 4769 4931 3.4%
    FTSE 4311 4344 0.8%
    Dow 9675 9722 0.5%
    Dax 3471 3517 1.3%

    BSE was the star performer on the global horizon, assisted largely by the better than expected results from most of the Indian corporates. This added further zing to the markets that were already witnessing a sustained rally mainly on the back of good macro economic indicators. FIIs continued to reaffirm their faith in Indian equities, which is evident from the fact that the FII inflows in the month of October 2003 alone (to date) have surpassed the Rs 36 bn that flowed in during the whole of 2002. As far as the other global indices are concerned, the gains registered by them for the second week in succession further strengthen the hopes of a global economic recovery.

    (Price in US$) 11-Oct-03 18-Oct-03 Change
    HDFC bank 24.0 25.9 7.9%
    Wipro 34.9 36.9 5.7%
    Satyam 16.1 17.0 5.6%
    Infosys 77.6 80.3 3.5%
    Satyam Infoway 6.5 6.7 3.1%
    Dr.Reddy's 26.3 27.1 3.0%
    Silverline 1.1 1.1 0.0%
    ICICI Bank 12.3 12.0 -2.4%
    Rediff 6.4 6.1 -4.7%
    MTNL 5.6 5.3 -5.4%
    VSNL 5.8 5.4 -6.9%

    On the Indian ADRs front, better than expected performances from software major, Infosys last week and now, Wipro this week, saw the software stocks register gains on the US bourses. While banking stocks performed mixed, telecom stocks were among the biggest losers. Also, while pharma major Dr Reddy’s gained three percent during the week, Rediff lost 5%. With a slew of results to be announced over the next couple of weeks, both in the US as well as in India, the stock market sentiments and thus its movements will largely depend upon how the companies perform.

     

     

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