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Weekly
report: Profit booking rounds off a heady week
Mumbai: Despite losing around 74 points on Friday,
the Sensex, which peaked to a new high during the week
signed off with a sharp rise of around 1.8% or 113 points.
The NSE's Nifty index rose 2.1% or 43.10 points to 2012.10.
The Nifty also recorded its highest close of 2033.20 and
best intra-day mark of 2039.20 on Thursday last week.
Just three scrips out of the 30 stock Sensex ended the
week in the negative territory. The Cement sector remained
bullish on expectations of a firm trend in product prices.
Pharma stocks attracted strong buying interest. Telecom
major Bharti Tele-Ventures flared up to a new lifetime
high following the Reserve Bank of India permitting fresh
purchases by foreign institutional investors in the stock.
Automobile stocks attracted attention as well. A good
number of auto ancillaries stocks found favour s well.
Power stocks were in demand as well.
Tech stocks registered handsome gains as well. Gains were
seen in a number of large and mid-cap IT stocks as well.
Along with Tisco other metal stocks recorded handsome
gains. Bank stocks, especially private sector ones notched
up gains, wit a few closing with minor losses. Fertilizers,
media, Telecom and textile stocks performed well while
shipping shares turned a bit easy due to profit taking.
The
Foreign Institutional Investors recorded net purchases
of Rs1463.9 crore ($324.4 million) in equities for the
trading week ended December 17 while Mutual Funds were
net purchasers at Rs119.72 crore.
The
foreign funds were net purchasers at Rs229.6 crore (USD
50.8 million) in the debt market for the period under
review, according to the data available with the Securities
and Exchange Board of India (SEBI) here. The mutual funds
were also net purchasers in the debt market at Rs 285.41
crore.
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ADRs
of Indian companies as on December 17, 2004
US Index Report
Date: Dec. 17, 2004
| DJIA
|
Dow
Jones Industrial Average |
10649.92
|
-
55.72 |
| NASDAQ |
Nasdaq
Composite |
2135.2
|
2135.2
|
Indian
ADRs on NASDAQ and NYSE
Date:
Dec 17 2004
| IBN
|
ICICI
Bank Ltd |
$
19.50 |
+
0.15 |
| INFY |
Infosys
Technologies Ltd |
$
69.47 |
+
1.19 |
| REDF
|
Rediff.com
India Ltd |
$
8.47 |
-
0.33 |
| SIFY |
Sify
Ltd |
$
6.139 |
-
0.011 |
| VSL |
Videsh
Sanchar Nigam Ltd |
$
9.95 |
+
0.20 |
| WIT |
Wipro
Ltd |
$
25 |
+
0.49 |
| RDY |
Dr.Reddys
Laboratories Ltd |
$
19.08 |
-
0.31 |
| HDB |
HDFC
Bank |
$
40.25 |
+
0.24 |
| MTE |
Mahanagar
Telephone Nigam Ltd |
$
7.85 |
+
0.12 |
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Damodaran
quits UTI - to focus on IDBI
Mumbai: M. Damodaran has stepped down as the Chairman
and Managing Director of UTI Mutual Fund and Administrator
of UTI-I, the specified undertaking of UTI. Damodaran, who
is also the Chairman of IDBI, said he tendered his resignation
as he wanted to focus his attention exclusively to IDBI,
which has now become a banking entity. He has been holding
both the posts for more than a year now.
Damodaran,
who has just returned from an international road show
for IDBI bonds, said there has been tremendous investor
response to IDBI now and there is a lot of work to be
done at the organisational level.
Damodaran has been associated with UTI for three-and-a-half
years. IDBI has raised $250 million (around Rs1,099 crore)
from international markets last week to fund its industrial
finance activities.
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Principal
MF to launch Focussed Themes Fund
Kolkata: The Principal Mutual Fund has lined up
an equity scheme, the Principal Focussed Themes Fund,
which will seek to achieve capital appreciation by allocating
to a maximum half a dozen sectors depending on their relative
attractiveness.
The
offer, if approved by SEBI, is set to be a first in the
country's MF industry. While repurchase will be allowed
at NAV-based prices, portfolio disclosures are expected
at six-monthly intervals.
The
risk factors listed in the draft offer document sent to
SEBI include the possibility of a very high level of concentration.
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