The markets made modest gains at the start of the week, though by Tuesday mounting selling pressure had dragged the indices down. Foreign fund inflows also tapered off considerably.
Increasing fears that the inflows may continue to drop off towards the end of the year forced investors to go on a selling spree mid-week. The indices extended their losing streak to Thursday as European markets plunged after several explosions rocked Istanbul, the capital of Turkey.
However, things brightened up on the last session of the week, as buying in select blue-chip stocks lifted the market higher. Bargain hunters were said to have made fresh buying in several old economy counters, while traders covered short positions, adding to the recovery.
BHEL
Last week's close (Rs) 431.75
Prev. week's close (Rs) 446.75
Week's high (Rs) 461.85
Week's low (Rs) 416.55
Last week's ave. daily turnover (Rs cr) 39.48
Prev. week's ave. daily turnover (Rs cr) 38.99
Futures close Nov-2003 (Rs) 431.90
Futures close Dec-2003 (Rs) 0.00
Futures close Jan-2004 (Rs) 0.00
Number of up/down moves 2/3
Bhel took a beating at the bourses amidst selling pressure last week. The scrip registered a decline of 4.8 per cent in a highly volatile week while volumes posted an increase of 7.08 per cent. The stock had been gaining steadily and touched levels of Rs 460 early last week.
Market players are of the opinion that the price was high enough to attract sellers. Volumes thus shot up as investors opted for profit-booking on the counter. The scrip had had a good run-up at the bourses in the last few months fuelled by a healthy order book.
The rise was also backed by good future prospects on the back of the Electricity Act. The company bagged an order for Rs 1,619 crore for setting up KPCL
