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19-May-06
INDEX MOVERS & SHAKERS
There was not a single gainer among the Sensex stocks this week.
Metal stocks bore the brunt of the selling pressure. Hindalco and Tata Steel slumped 22% each to Rs 189 and Rs 504, respectivley.
Cipla, BHEL, ACC, Maruti, Reliance Energy, Grasim, Satyam, Ranbaxy and ICICI Bank were down 12-18% each.
However, ICICI Bank and Reliance were the major draggers on the index - each accounting for a net loss of 115 and 113 points, respectively. They were followed by Infosys (97 points), Tata Steel (95 points) and ITC (87 points).
OTHER LOSERS & GAINERS
Sterlite and Lokesh Machines plunged 32% each to Rs 406 and Rs 175, respectively. Today's Writing, Orchid Chemicals, Birla Power, SREI Infrastructure, DCW, DCM Shriram, Adlabs, SRF, Pritish Nandy, Indian Overseas Bank, Indian Hotels and Essar Steel were the other significant losers this week.
India Hume Pipes was the major gainer - the stock zoomed over 20% to Rs 338. Jolly Boards, Sunil Agro Food, Weizmann, Kovia Medical, Phoenix Lamps, Assam Company, Lakshmi Mills, Flex Foods, Karur Vysya Bank, Adani Exports and Prakash Industries were the other major gainers this week.
FUND ACTIVITY
Foreign institutional investors (FIIs) were heavy sellers of stocks to the tune of Rs 2,495.90 crore in the first four days of the week. While their gross purchases during the period stood at Rs 8,130.10 crore, they sold stocks worth Rs 10,625.90 crore.
On the other hand, mutual funds (MFs) were heavy buyers of stocks worth Rs 2,236.10 crore in the first four day of the week. Their gross purchases stood at Rs 4,320 crore while gross sales were Rs 2,084 crore.
However, FIIs were net buyers in the futures & options segment. They were net buyers of Rs 274.50 crore (gross buying Rs 12,897.80 crore and gross sales Rs 12,623.30 crore).
OUTLOOK
Volatility is expected to continue till the expiry of May contracts on Thursday, May 25.
The markets are expected to open on a bearish note on Monday since the margin pressure on brokers are yet to be completed. Chartists are now looking at 10,700 - a drop of another 200 points from the current level. If it does note slip from this level, bulls will be back in control. If 10,700 is broken and there is a bounce from that level, use the rally to cut long positions.