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Global markets: Thanks giving cheers - Views on News from Equitymaster
 
 
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  • Nov 29, 2003

    Global markets: Thanks giving cheers

    Strong economic reports continued to trickle in and as a result the US indices edged higher in a week that was cut short by the Thanks giving day holiday. For the week ending November 28, while the Nasdaq edged higher by nearly 4%, the Dow gained almost 2%.

    After suffering declines in the past week, the markets bounced back sharply on Monday and started off the week's proceedings on a positive note. Strong dollar and hopes of better than expected GDP growth during the third quarter were largely responsible for the buoyancy that was witnessed on Monday. Tuesday saw the release of third quarter GDP numbers, which registered a rise of nearly 8.2%, fastest since first quarter 1984, but the investors chose to remain cautious ahead of the release of slew of economic reports on Wednesday. Light trading was witnessed on Wednesday despite a plethora of reports. The markets however once again closed in the positive on account of positive reports from the job market and increased consumer sentiment. On account of thanksgiving day, the markets remained closed on Thursday and also closed early on Friday but not before rising marginally. Thus, the last week of November saw the US indices registering gains on the back of strong macroeconomic indicators.

    Indices 21-Nov-03 28-Nov-03 Change
    NASDAQ 1894 1960 3.5%
    Hang Seng 11840 12317 4.0%
    Nikkei 9853 10101 2.5%
    BSE 4839 5048 4.3%
    FTSE 4319 4343 0.6%
    Dow 9629 9782 1.6%
    Dax 3642 3746 2.9%

    In yet another instance of growing integration of the world economy, all the major indices of the world ended the week on the positive note, with the Indian benchmark index, the bSE emerging as the highest gainer, with a rise of 4%. Although the European indices registered growth, there were concerns over the weakening US dollar, as these would hurt the companies exporting their products to the US, notably the auto majors like bMW and VW. Had it not been for these concerns, the indices would have witnessed further rise. Among the Asian indices, while Nikkei fell on Friday amidst weak output figures; the fall was not enough to wipe out the early week gains. Hang Seng on the other hand gained amidst good numbers from HSbC bank and telecom major Hutchison Whampoa.

    (Price in US$) 21-Nov-03 28-Nov-03 Change
    HDFC Bank 24.5 26.2 6.9%
    Wipro 36.4 38.7 6.3%
    Satyam 19.4 21.0 8.2%
    Infosys 78.1 83.1 6.4%
    Satyam Infoway 4.3 5.3 23.3%
    Dr.Reddy's 26.8 28 4.5%
    Silverline 1.1 1.1 0.0%
    ICICI bank 12.7 13.3 4.7%
    Rediff 5.1 5.7 11.8%
    MTNL 5.0 5.4 8.0%
    VSNL 5.8 6.0 3.4%

    The Indian ADRs ended the last week of November on a bullish note with gains being witnessed across almost all the ADRs. Dotcom majors, Satyam Infoway and Rediff, recorded impressive double-digit growth rates for the week and gained by 23% and 12% respectively. The interest for tech stocks on the US bourses was also reflected among the Indian tech ADRs as all of them closed in the positive with Satyam leading the pack by gaining 8%. banking and telecom ADRs and pharma major Dr Reddy were the other gainers in a week that was witness to optimism all around.

     

     

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