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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (4637)	6/17/1999 1:34:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

Indian Stock Markets: Daily Round-up - June 17, 1999 Market look up as war clouds recede.. Overnight news of world leaders openly supporting India and progress made by the Indian army in flushing out infiltrators resulted in the Sensex gaining 104 points to close at 4125 (up 2.59%). The intra day high and low was 4140 and 4040 respectively. The Nifty gained 28 points to close at 1177 (up 2.5%). The overnight gains made by both Dow and NASDAQ drove all regional indices up. The US markets rallied as fears of an interest rate hike by the Fed receded as inflation appeared under control. Volumes were Rs14.6bn (down 8%). Active counters were SBI (volume of Rs1.7bn), Reliance (volume of Rs1.3bn), Pentafour (volume of Rs1.2bn) and Satyam (volume of Rs0.98bn) FIIs were net sellers of Rs303mn on Wednesday. According to market sources, they were aggressive buyers today. In the forex markets, Rupee was steady at Rs43.14 against the US Dollar. The stars today were MTNL (up 8% at Rs193.30), Grasim (up 8% at Rs244.05) and Indian Hotels (up 8% at Rs343.50). Other gainers were Indian Rayon (up 6% at Rs124), ABB (up 5.6% at Rs372) and Wartsila (up 5.4% at Rs294.20). Oil stocks attracted buying interest and the major gainers were IOCL (up 7.7% at Rs398), Reliance Petroleum (up 7.7% at Rs26.35) and HPCL (up 6.3% at Rs250.80). Sugar stocks were in limelight with Balrampur Chini (up 5.6%), Dhampur Sugar (up 8%) and Bannari Amman (up 8%). At last, some software stocks hit the upper filter led by PSI Data and Software Solutions. The major loser was Aptech (down 5%). SKF Bearing (Rs1,249), M&M (Rs285), Tisco (Rs137), BASF (Rs236), Ballarpur (Rs56) and Hindustan Lever (Rs2,414) touched their 52 week high, but closed lower. It appears that paper stocks are witnessing buying interest as TNPL also gained 8% to hit Rs27. Post closure, the pivotals were quoting lower on rumors of an emergency in Pakistan and armed forces being put on red alert. The undertone is distinctly bullish and just needs a spark to set the bourses alight. Sentimentally yours, Street Walker [Probity Research])