Markets at a glance

1 week1 month1 year BSE Sensex6700.34-2.241.7623.09 S&P CNX Nifty2109.15-2.082.6122.26 BSE-1003603.75-2.551.4824.78 BSE-200900.19-2.372.0626.09 BSE-5002837.20-2.402.0730.05 CNX Mid-cap 2002862.70-1.874.6584.07 CNX Nifty Junior4454.85-3.613.1737.05 S&P CNX 5001838.35-2.262.4729.56 FII Net inflows (Rs cr)*-198.702652.709,614.3047,588.60 MF Net inflows (Rs cr)*160.63128.43887.55-391.04 BSE turnover (Rs cr)@2513.063216.852,813.412,043.06 NSE turnover (Rs cr)@5136.075121.725272.784490.08 Sensex P/E@16.1216.4915.718.18   BSE-Auto2762.35-1.92-0.5316.88 BSE-Bankex4092.55-1.308.8247.25 BSE-Cap. Goods3301.38-3.371.0551.51 BSE-Cons Durable1548.82-2.43-1.668.7 BSE-FMCG1048.21-3.38-1.4512.69 BSE-Healthcare2659.93-2.291.4719.73 BSE-IT Sector2685.61-0.631.4851.95 BSE-TECk1733.5-2.03-0.1647.76 CNX IT2946.80.031.95-85.48 BSE-Metal6853.03-0.745.5555.24 BSE-Oil & Gas3207.2-2.484.282.53 BSE-PSU4480.03-2.613.3317.77   Nasdaq2007.79-1.66-2.473.47 Dow Jones10629.67-1.34-1.444.35 MSCI World1169.19-0.98-0.0111.9 MSCI Emgerging Markets564-2.29-0.4620.42 MSCI Emerging Asia242.94-2.36-0.099.44 Rs/$43.660.21-0.41-3.34 Brent Crude (spot)$/Bbl56.315.7523.0686.4 * Figures for week, month and year are cumulative flows. @ Daily average turnover/Sensex P/E as on date, week-, month- and year-ago.  Reliance Industries proved to be the biggest drag, taking away 20.49 points from the index. The stock lost 2.72 per cent to close at Rs 571.65. RBI's restriction on fresh FII buying in Bharti Tele had the scrip declining 7.87 per cent at Rs 207.70. This amounted to an erosion of 19.23 points from the index.  HLL, HDFC Bank, HDFC and L&T were the other major losers. The only two scrips to end with gains were ICICI Bank (up 5.6 per cent at Rs 413.05) and pharma scrip Ranbaxy (up 0.24 per cent at Rs 1072.05). These gains amounted to a 28.58-point fillip to the index.  All sectoral indices logged losses, with the BSE FMCG Index and the BSE Capital Goods Index suffering the most. While declines in leading FMCG stocks like HLL, Dabur, ITC and Colgate dragged the FMCG Index down, the Capital Goods Index was undone by losses in ABB and Alfa Laval.  Rising crude oil prices had a negative impact on the BSE Oil & Gas Index, with HPCL, BPCL and Gail incurring losses. The BSE IT Index was the least affected, slipping only marginally. Though there were losses in Satyam and Wipro, the damage to Infosys was limited while TCS gained.  US markets continued to see downsides as oil prices rose to another record closing high. Worries about a rise in long-term interest rates also proved a drag. Both Nasdaq and Dow Jones Industrial ended the week with losses.  According to a report by Emerging Portfolio Fund Research, rising commodity prices and bond yields caused a negative shift in investor sentiment that hammered equity and debt markets worldwide. Meanwhile, flows into Asia ex-Japan equity funds continued, nearly half of which went into India and China country funds.  What to expect this week  The recent losses point to the cautious mood in the markets. Though the overall sentiment still remains largely bullish, markets could yet witness some downsides, say analysts.  High international oil prices are another cause for concern. Operators are also preferring to stay in the sidelines due to year-end considerations, rather than taking up fresh positions. Market analysts are advising a cautious and selective approach to investing with a long-term view.  

Stock of the week
 

Patel Engineering
Last week's close (Rs)	217.78
Prev. week's close (Rs)	181.65
Week's high (Rs)	231.83
Week's low (Rs)	190.73
Last week's ave. daily turnover (Rs cr)	2.71
Prev. week's ave. daily turnover (Rs cr)	0.22
Futures close	NT
Number of up/down move	4/1

Civil engineering construction firm Patel Engineering shot up nearly 20 per cent to close at Rs 217.78. It recently bagged orders for two irrigation projects worth Rs 878 crore in Andhra Pradesh.

With the projects, the company's pending order book position stands at Rs 3,171 crore. The projects will be executed in over 40 months. Patel Engineering had posted a 94 per cent jump in consolidated net profit to Rs 11.3 crore in the quarter ended December 31, 2004 over the corresponding quarter previous year.

With the government trying to rectify the imbalance between hydro and thermal power by giving thrust to the hydro segment, the company is expected to benefit further. Analysts expect a 20 per cent upside for FY06 from current levels.