• NOVEMBER 3, 2001

Awaiting the next trigger

Barring a handful of companies, primarily the commodities, the results season has unfolded better than expected. This alongwith the Government's new found energy for reforms has helped improve investor sentiment. Making things simpler has been a strengthening NASDAQ, which has added to the buoyancy.

Over the past fortnight a band seems to have been created with the BSE Sensex trading between 2,950 and 3,050 levels. With a sharp comeback over the past month, correcting for fundamentals, it seems now that the markets are headed sideways. That said, although the results season was pleasent any deterioration in business environment due to the September incidents is likely to reflect in the third quarter of the current fiscal.

As per reports, the Finance Minister seems to believe that the economy has bottomed out. One will have to wait a while before numbers can corrobrate this statement, as economic indicators are released with a lag. It seems, the Government is becoming active on the disinvestment front. This is likely to be a strong kicker, which could comprehensively turn sentiment. Once again the drivers are random.

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