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All's well... - Views on News from Equitymaster
 
 
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  • Nov 1, 2003

    All's well...

    ...that ends well! The corporate results season for the September quarter came to a happy end on Friday with all major results already declared during the month of October. Of course, some more results will continue to flow over the next couple of weeks but then, do they really matter? In the current week, the indices managed to recover most of the losses of last week. While the Sensex gained 3.1% this week, the NSE-Nifty closed with gains of 3.3%. In the month of October, they have gained about 10% each! And these gains are well vindicated by the more than satisfactory results of India Inc. for the September quarter.

    The start of the new Samvat (2060) was on a weak footing as the markets lost ground on the opening trading day of the week. It must be noted that prior to Monday's over 100-points loss on the BSE-Sensex, the indices had gained substantial ground on the previous two trading sessions i.e. the eve of Diwali and then during the Mahurut trading on Saturday. Further, Tuesday's trading was witness to some strong bouts of intra-day volatility. However, some final hour action on the bourses pulled the indices out of the trough as they managed to close in the positive.

    Top 5 gainers over the week
    COMPANY Price on
    October 24 (Rs)
    Price on
    October 31 (Rs)
    % CHANGE 52-WEEK H/L (Rs)
    BSE-Sensex 4,757 4,907 3.1% 4,951 / 2,901
    S&P CNX NIFTY 1,506 1,556 3.3% 1,574 / 920
    MOSER-BAER INDIA 415 509 22.5% 513 / 137
    RAYBAN SUN OPTICS 54 65 19.0% 81 / 46
    ESAB INDIA 62 73 17.0% 78 / 28
    GRASIM 736 858 16.7% 868 / 280
    BURROUGH WEL 484 560 15.8% 600 / 194

    Since then, the markets have moved in a single direction as the bulls pushed the indices to close the week with considerable gains and more importantly, above some crucial psychological levels like 4,900 on the Sensex and 1,550 on the Nifty. It must be noted that the indices are now within a striking distance of their 52-week highs achieved on October 17, 2003, which is just about 1% higher from hereon.

    Top 5 losers over the week
    COMPANY Price on
    October 24 (Rs)
    Price on
    October 31 (Rs)
    % CHANGE 52-WEEK H/L (Rs)
    SHREE RAMA MULTI 6 5 -10.9% 15 / 4
    HFCL 14 13 -10.1% 45 / 11
    KOCHI REF 143 130 -9.6% 173 / 40
    EIH ASSO. HOT. 23 21 -9.2% 28 / 7
    BOI 68 62 -8.4% 70 / 28

    The week gone by was characterised by extreme volatility on the bourses, which could be attributed to the uncertainty regarding the open positions on the derivatives segment that played heavily on the minds of market players. That apart, this week again saw some key results being declared by companies like Bharat Heavy Electricals (BHEL), Oil and Natural Gas Corporation Ltd. (ONGC), Oriental Bank, ICICI Bank, Tisco, Hindustan Unilever (HLL), Ashok Leyland, ITC, Cipla, Tata Power, ABB, Dr. Reddy's, State Bank Of India (SBI) and Steel Authority Of India Ltd. (SAIL). For a detailed analysis of all of these results and more, please click the link below:

    Latest Results: Track corporate India

    Going forward, with markets once again nearing their 52-week highs, the one question, which arises in the minds of investors, what now from here? Where are the markets headed? And the one-word answer to this is up! While we are certain about the medium-to-long term as to where the Indian indices are headed, short-term concerns are always present, which could make the markets behave in a volatile manner. Whether the markets are in a correction mode (Markets below 4,700! What to do?) or they are in the process of achieving new 52-week highs, stay invested in quality stocks and watch your portfolio grow over a period of time. Happy Investing!

     

     

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