The markets settled higher this week with the bulk of gains coming in the form of a broad based rally on Friday.
Although trading started on a dull note, momentum picked up towards the last two sessions.
Small and mid-cap stocks were in the limelight. The Sensex spurted by 106.58 points or 3.6 per cent to close the week at 3056.58. The Nifty gained 34.8 points to close at 973.10, compared with last week's close of 938.30.
Tech stocks saw some action. Infosys held on to gains on Friday, with news of its impending ADS issue keeping it afloat.
However, it was a different story during the start of trade on Monday. The scrip slipped nearly five per cent after news that the company had settled the sexual harassment case filed by its ex-employee.
Digital GlobalSoft was also in the thick of action after announcing its results this week. i-flex Solutions declared its results on Friday, which were below expectations. The scrip drifted lower on selling pressure.
Banking stocks like the Oriental Bank of Commerce, Bank of India, Canara Bank, Punjab National Bank and the Federal Bank saw bouts of profit booking on Friday after riding high earlier in the week.
Two-wheeler major Hero Honda firmed up on positive news about its new launches. Bajaj Auto's flat quarterly performance weighed down its stock price.
ABB
Last Week Close 339.50
Previous Week Close 313.35
Weekly High 339.50
Weekly low 319.10
Last week Avg Turnover 173.83
Previous week Avg Turnover 98.63
Future close NT
Number of up/down move 4/0
The scrip surged 8.3 per cent during the week to close at Rs 338.50. The weekly turnover also saw upsides as compared to the previous week. Positive results and the passing of the Electricity Bill by the Parliament last week helped the rally, said dealers.
The bill focuses on improving the functioning State Electricity Boards (SEBs) and looks to increase investments in power distribution.
Since ABB draws a bulk of its revenues from SEBs, the passage of the bill is likely to help it recover a substantial part of receivables. A 40 per cent jump in Q1FY04 net profit also helped boost sentiments at the counter.
Bajaj Auto
Last Week Close 466.18
Previous Week Close 476.00
Weekly High 478.88
Weekly low 464.63
Last week Avg Turnover 1430.71
Previous week Avg Turnover 1289.59
Future close 466.10,467.95,456.10
Number of up/down move 2/3
The stock price of Bajaj Auto declined by 2.06 per cent this week to close at Rs 466.18. This was despite an increase in both operating and net profits for FY03. Dealers say that the decline came about because markets had factored in a much better performance.
The shares are expected to languish at current levels in the absence of an immediate trigger. Going forward, the company has set itself a target of 30 per cent growth in the motorcycle segment.
Dabur
Last Week Close 41.18
Previous Week Close 36.35
Weekly High 41.18
Weekly low 37.03
Last week Avg Turnover 205.29
Previous week Avg Turnover 100.92
Future close NT
Number of up/down move 5/0
Shares of FMCG and ayurvedic product company Dabur India spurted six per cent on Friday, supported by combined volumes of approximately 10 lakh shares.
This was in anticipation of a good dividend declaration by the company for fiscal 2002-03. For the week, the shares jumped 13.29 per cent as compared to last week's close. The weekly average turnover, meanwhile, zoomed 100.92 per cent to Rs 205.29 lakh as compared to the normal weekly average turnover of Rs 100.92 lakh.
Later on in the week, the company`s board met to discuss annual results. Dabur posted a net profit of Rs 16.56 crore for the fourth quarter ended March 31, 2003, which is 87.33 per cent higher compared to a net profit of Rs 8.84 crore in the corresponding quarter the previous fiscal.
Its net sales increased from Rs 281.17 crore in March quarter 2002, to Rs 295.20 crore in March quarter 2003. The board also recommended a final dividend of 90 per cent for the year ended March 31, 2003.
HLL
Last Week Close 146.25
Previous Week Close 137.93
Weekly High 146.80
Weekly low 137.68
Last week Avg Turnover 2968.69
Previous week Avg Turnover 2463.24
Future close 146.75,140.05,NT
Number of up/down move 3/2
Shares of FMCG major Hindustan Lever Limited (HLL) rose just over six per cent this week. Weekly average turnover rose 20.52 per cent to Rs 2968.69 lakh when compared to its normal Rs 2463.24 lakh.
The company had fixed June 23, as the record date for allotment of bonus debentures and the payment of special dividend. The special dividend is expected to be paid on or after July 8. Dealers say that the stock is set for an upside and technical analysts expect it to touch the Rs 156 levels soon.
MTNL
Last Week Close 96.00
Previous Week Close 100.38
Weekly High 100.63
Weekly low 95.88
Last week Avg Turnover 1290.64
Previous week Avg Turnover 1733.76
Future close 96.30,96.70,NT
Number of up/down move 2/3
On Wednesday, shares of PSU telecom major Mahanagar Telecom Nigam Ltd (MTNL) slipped 3.29 per cent amid continued selling as the government forced BSNL and MTNL to reduce revised tariffs partially.
MTNL topped the index losers list with over one lakh shares changing hands at the BSE. MTNL will now offer 60 free calls compared to 30 under the revised plan.
It is expected to lose around Rs 150 crore annually due to this increase. The MTNL scrip slipped by about 4.36 per cent for the week. Dealers are pessimistic on the stock.
M&M
Last Week Close 121.48
Previous Week Close 117.65
Weekly High 121.48
Weekly low 116.90
Last week Avg Turnover 557.64
Previous week Avg Turnover 745.44
Future close 121.95,117.60,116.65
Number of up/down move 3/2
The Mahindra & Mahindra scrip continued its winning streak for the second week in succession. It closed 3.25 per cent higher to touch Rs 121.48 on the back of rumours that it may secure a large defence order.
The interesting point is that, while there could be several competitors in the fray for the deal, only the price of this scrip is moving up.
The deal, if secured, is likely to add to the company's bottomline. Meanwhile, Mahindra & Mahindra has advanced the date for declaring its results by two days to May 31, 2003.
Oriental Bank
Last Week Close 121.43
Previous Week Close 108.23
Weekly High 129.95
Weekly low 115.10
Last week Avg Turnover 6663.14
Previous week Avg Turnover 2689.48
Future close NT
Number of up/down move 4/1
The Oriental Bank of Commerce scrip added maximum gains among banks since last week. As on Tuesday, the scrip gained Rs 21.45 or 21.12 per cent from Rs 101.55 on May 6.
For the week, it shot up by 12.20 per cent to Rs 121.43. The weekly average turnover zoomed by 147.75 per cent to Rs 6663.14 lakh as compared to the normal average weekly turnover of Rs 2689.48 lakh.
Dealers say that a plethora of funds, including Templeton and Alliance, were reaping the gains of the rally and booking profits at higher levels. They also say that the upside from these levels is limited.
SBI
Last Week Close 315.55
Previous Week Close 285.53
Weekly High 315.55
Weekly low 292.18
Last week Avg Turnover 10508.48
Previous week Avg Turnover 2943.52
Future close 316.00,317.00,312.00
Number of up/down move 5/0
The SBI stock witnessed a 10.51 per cent jump this week to close at Rs 315.55. The upside came on the back of a healthy 257 per cent increase in turnover during the week.
The stock has been witnessing heavy buying on rumours that the government may hike the FII limit in the bank. Investment bank SSB is said to be lapping up the stock. Technical analysts expect a Rs 15 upside in the near term.
Satyam Computer
Last Week Close 178.25
Previous Week Close 168.60
Weekly High 178.25
Weekly low 165.28
Last week Avg Turnover 29375.92
Previous week Avg Turnover 41368.64
Future close 178.85,178.85,178.05
Number of up/down move 4/1
The Satyam scrip was part of a general uptrend at IT counters during the week. It closed at Rs 178.25, up 5.7 per cent from its close the previous weekend. However, the average weekly turnover was almost 50 per cent lower compared to the previous week.
Hero Honda
Last Week Close 228.95
Previous Week Close 205.45
Weekly High 228.95
Weekly low 206.05
Last week Avg Turnover 1244.49
Previous week Avg Turnover 1314.66
Future close 225.00,223.75,213.90
Number of up/down move 4/1
The Hero Honda scrip spurted by 11.43 per cent to touch Rs 228.95 last week. News regarding its launch of a 225 cc bike in the premium segment, along with encouraging reports on its latest economy segment bike - CD Dawn, kept the stock buoyant.
In another major development, Honda, the company's foreign collaborator, has agreed to supply technology for the development of next generation engines to Hero Honda.
The engines are expected to be ready for commercial use by 2004-05. This could give the company an edge over its competitors. As per market buzz, Enam securities is said to be buying the stock.
Tata Power
Last Week Close 127.50
Previous Week Close 118.25
Weekly High 127.73
Weekly low 119.35
Last week Avg Turnover 618.95
Previous week Avg Turnover 465.54
Future close 127.60,127.00,NT
Number of up/down move 4/1
Tata Power was among the leading advances of the week, climbing 7.82 per cent to settle at Rs 125.5. Its weekly turnover also saw a big leap of nearly 76 per cent.
According to analysts the scrip is looking strong at the moment and seems set to touch Rs 135 levels. A meeting of the board of directors of the company is scheduled on May 28, 2003, to consider, inter alia, the final accounts and the recommendation of dividend, if any, for the year ended March 31, 2003.
Wipro
Last Week Close 942.95
Previous Week Close 890.50
Weekly High 942.95
Weekly low 876.28
Last week Avg Turnover 7087.38
Previous week Avg Turnover 14000.76
Future close 942.35,936.00,NT
Number of up/down move 4/1
Shares of technology bluechip Wipro was among the leading gainers of the week. It closed 5.8 per cent higher at Rs 942.95 from its previous week's close.
Though weekly turnover was lower than the previous week, the scrip bounced back after recent downsides at the bourses.
Positive news in the form of a marketshare report by Gartner, which noted that India`s IT services end-user spending grew by 8.2 per cent in revenues at $1.4 billion in 2002, gave it a fillip.
Week
