Markets at a glance

1 week1 month1 year BSE Sensex6849.484.263.4916.48 S&P CNX Nifty2148.154.233.3815.02 BSE-1003688.144.113.4020.37 BSE-200918.373.973.9921.17 BSE-5002892.604.004.1224.53 CNX Mid-cap 2002872.705.216.4270.79 CNX Nifty Junior4549.555.664.1533.12 S&P CNX 5001871.954.214.1024.24 FII Net inflows (Rs cr)*367.601947.106494.5042606.60 MF Net inflows (Rs cr)*175.6668.47261.95-677.84 BSE turnover (Rs cr)@3115.142828.782431.852021.23 NSE turnover (Rs cr)@6369.175797.384987.074479.75 Sensex P/E@16.4815.7615.8019.14   BSE-Auto2884.935.141.948.49 BSE-Bankex4023.266.778.3937.18 BSE-Cap. Goods3500.424.4914.7350.20 BSE-Cons Durable1542.832.804.8648.86 BSE-FMCG1113.535.76-1.8111.16 BSE-Healthcare2661.962.25-0.7113.45 BSE-IT Sector2702.032.474.6146.37 BSE-TECk1779.422.914.4644.97 CNX IT2942.553.082.52-86.04 BSE-Metal6769.764.456.6538.68 BSE-Oil & Gas3234.304.114.030.47 BSE-PSU4538.733.504.3016.17   Nasdaq2070.610.25-0.771.12 Dow Jones10940.550.912.013.26 MSCI World1192.431.342.989.66 MSCI Emgerging Markets585.25-0.586.5120.34 MSCI Emerging Asia247.56-1.024.618.93 Rs/$43.70-0.050.60-3.51 Brent Crude (spot)$/Bbl53.095.6422.3058.48 * Figures for week, month and year are cumulative flows.
@ Daily average turnover/Sensex P/E as on date, week-, month- and year-ago.  The BSE Auto Index was the second-biggest gainer, fuelled by gains in two-wheeler stocks, Hero Honda and Bajaj Auto. The government's thrust on the capital goods sector had a positive impact on stocks like ABB, Bhel and L&T.  US shares ended the week with gains - Nasdaq closed 0.25 per cent up at 2070.61 while the Dow Jones closed 0.9 per cent higher at 10940.55.  Both Dow and S&P 500 were at their highest levels in the past three-and-a-half years.  The bullish trend emerged as better-than expected labour market data helped investors assuage fears about the strength of the US economy. It was the fifth time Dow and S&P 500 ended with gains in the last six weeks. Nasdaq ended with gains for the fourth time in the last six weeks.  What to expect this week  With the Sensex closing at an all-time high, market participants are expecting a correction this week. Foreign institutional investors have been pumping in money into the markets and domestic mutual funds have been following suit.  However, current highs may prompt some to book profits and take a more cautious approach going forward.  

Stock of the week
 

Punjab National Bank
Last week's close (Rs)	475.75
Prev. week's close (Rs)	437.28
Week's high (Rs)	484.25
Week's low (Rs)	425.00
Last week's ave. daily turnover (Rs cr)	167.42
Prev. week's ave. daily turnover (Rs cr)	63.17
Futures close March-2005 (Rs)	439.65
Futures close April-2005 (Rs)	436.40
Futures close May-2005 (Rs)	0.00
Number of up/down move	2/3

The biggest gainer in the budget week was Punjab National Bank. The Budget has done a lot of good to the banking sector.

With corporate and retail sectors are expected to garner huge loan offtakes for banks, PNB appears an obvious gainer. Add to this its public issue that is due at a discount of 18 per cent (on the higher end of the band) to its current market price.

No wonder that the stock gained close to 9 per cent and volumes were up 165 per cent last week. Analysts maintain that the stock is yet to see gains and the sector itself trades at attractive valuations.