Focus on technology counters
Mumbai: The US markets were down during last week after Ebay Inc, the Internet auctioneer company, ditched market expectations by announcing a shortfall in profits. The S&P 500 added 0.1 per cent, while the Dow Jones Industrial Average gained 0.5 per cent while the Nasdaq lost 0.2 per cent during last week. Bloomberg says the Dow reached its highest closing level in more than 17 months earlier this week, while the Nasdaq touched the highest since January 2002.

Nevertheless, due to strong financial performances from corporates such as Reliance Industries and Wipro and continued foreign fund flows kept the market under bull grip. The BSE Sensitive Index gained 3.39 per cent while the NSE S&P CNX Nifty 3.04 per cent. Despite lacklustre trend at the US markets, most Indian counters witnessed a firm trend. As many as four counters hit their 52-week highs, while Infosys is ruling near its year high level.
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Bullish undertone persists
Mumbai: Though the key indices moved up from peak to peak, the bourses witnessed some cracks in the current faith over the upward journey of indices. There were signs of fatigue and distribution last week even though the Sensex piled up 142 points more to register a week-on-week growth of 3.39 per cent. The Nifty was 46 points or 3.04 per cent up. A marked disinterest in the mid- and small-cap stocks was also witnessed.

Notwithstanding uninterrupted liquidity, the market showed the tendency towards huddling around the large-cap sector leaders. The market current emphasis on the pivotals was evident from the fact that during the last week, the Sensex outperformed broad-based indices such as the BSE-500, the BSE-200 and the BSE-100. This is a clear trend reversal as in the 25-week long current rally, for the large part broader indices had outperformed the Sensex.
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