The Bombay Stock Exchange Sensex achieved yet another milestone when it reached 15000 mark today. It recorded a high of 15007 in the afternoon. From 14000, it has taken 144 trading sessions to reach this landmark. The index closed at 14964.
Nifty this week:
The Nifty closed at 4385 (another record close), gaining 66.55 (1.54%) during the week. I had mentioned in my Monthly review – June 2007 that:
“The waves a and b appear to be over as we can see consolidation through wave c. Today the index has gained 36 points. So, the short term trend has turned bullish”
As anticipated the index managed to move up higher. On 02.07.07 there was a very minor correction of 4.55 points and on 05.07.07 again it lost a meagre 5.35 points. The remaining three days belonged to the bulls. Today the index had gained nearly 31 points. On 03.07.07 it gained almost 44 points. Nifty closed flat (just a gain of 1.75 points) on 04.07.07.
However, let us be slightly realistic rather than over enthusiastic. The last three trading sessions have witnessed three lower lows of 4342, 4312 and and 4304 respectively. This is not an encouraging sign. Moreover, the stochastic indicators tell us that the market has entered overbought zones. Under the circumstances, a corrective decline next week cannot be ruled out. This correction, if occurs, will only be a healthy sign that the bull market will continue its uptrend. Index has short term support around 4200.
The medium term and long term trends continue to remain bullish.
IPO update:
Vishal Retail and DLF got listed on 04.07.07 and 05.07.07 respectively. Vishal Retail (Issue price Rs.270) received excellent response on the day of listing, reaching a high of 784.40. Today it has closed at 765.05. DLF, (Issue price Rs.525) recorded reasonable gains yesterday and today. It closed at 573.60.
One more IPO, Everonn is currently live at NSE. The following table gives the bidding status at 1700 IST on 06.07.07.
| Total Issue Size | 4000000 |
| Total Bids Received | 1539400 |
| Total Bids Received at Cut-off Price | 1241100 |
| No. of times issue is subscribed | 0.38 |
BEML was oversubscribed nearly 30 times whereas HDIL was oversubscribed nearly 6.5 times.
The following tables gives the top 5 gainers and losers among index stocks for the week:
| Scrip | Gain (%) | Scrip | Loss (%) |
| ACC | 11.33 | HDFC | 5.76 |
| M & M | 8.92 | HINDALCO | 3.59 |
| LT | 7.58 | ONGC | 3.20 |
| MARUTI | 7.10 | PNB | 3.14 |
| HINDLEVER | 6.65 | REL | 2.51 |
The following tables gives the top 5 gainers and losers in the overall market for the week:
| Scrip | Gain (%) | Scrip | Loss (%) |
| EVENIX | 70.64 | GMRINDSTRS | 13.33 |
| AKRUTI | 46.94 | JAICORPLTD | 11.72 |
| INDUSFILA | 42.82 | MCDHOLDING | 11.39 |
| INDIAFOILS | 36.31 | NATCOPHARM | 10.77 |
| GENESYS | 25.62 | UTTAMSUGAR | 10.42 |
EVENIX and AKRUTI are cases of bear trap. INDUSFILA was in consolidation since March 2007 and it broke out on 03.07.07.
The following table gives the advance/decline ratio for the week:
| Date | Traded | Adv | Ad% | Dec | Dec% | Unch | Unch% |
| 02/07/07 | 1120 | 595 | 53.13 | 500 | 44.64 | 25 | 2.23 |
| 03/07/07 | 1120 | 611 | 54.55 | 476 | 42.50 | 33 | 2.95 |
| 04/07/07 | 1118 | 477 | 42.67 | 609 | 54.47 | 32 | 2.86 |
| 05/07/07 | 1116 | 305 | 27.33 | 780 | 69.89 | 31 | 2.78 |
| 06/07/07 | 1122 | 621 | 55.35 | 470 | 41.89 | 31 | 2.76 |
| Total | 5596 | 2609 | 46.62 | 2835 | 50.66 | 152 | 2.72 |
We have been tracking the following stocks in my previous articles. The following table gives the percentage gain and loss for each stock this week.
| Scrip | Current Price | % Gain |
| POLYPLEX | 144.7 | 17.69 |
| APARINDS | 188.05 | 12.50 |
| LAKSHVILAS | 85.65 | 11.38 |
| BEML | 1291 | 11.18 |
| SINTEX | 263.1 | 10.62 |
| INDIANB | 140.95 | 10.38 |
| SKUMARSYNF | 111.1 | 9.19 |
| SREINTFIN | 97.05 | 8.44 |
| IBREALEST | 453.15 | 8.33 |
| SOUTHBANK | 136.3 | 6.90 |
| EVERESTIND | 121.3 | 4.98 |
| PSL | 309.25 | 4.37 |
| JINDALPHOT | 115.85 | 4.28 |
| DENABANK | 48.65 | 4.06 |
| ORBITCORP | 280.55 | 2.88 |
| PUNJABTRAC | 279.3 | 2.80 |
| RPL | 114.2 | 2.79 |
| GODREJIND | 210 | 2.74 |
| SRF | 175.05 | 2.13 |
| INDSWFTLAB | 59.8 | 2.05 |
| SICAL | 279.15 | 1.29 |
| GTL | 227.65 | 0.93 |
| XLTL | 135.45 | 0.89 |
| HCC | 124.25 | 0.85 |
| FDC | 32.6 | 0.15 |
| GVKPIL | 483.35 | (0.66) |
| AZTECSOFT | 87.65 | (0.96) |
| HIKAL | 482.55 | (1.36) |
| ADANIENT | 270.25 | (1.48) |
| POCHIRAJU | 25.65 | (1.72) |
| DCB | 102.65 | (2.24) |
| GOKEX | 236.95 | (2.33) |
| OPTOCIRCUI | 375.6 | (2.47) |
| OMAXAUTO | 79.95 | (2.68) |
| CADILAHC | 358.6 | (4.84) |
| GLOBALVECT | 223.2 | (6.94) |
| TINPLATE | 57 | (8.65) |
ACC, GRASIM, GUJAMBCEM have turned bullish in weekly charts. BAJAJAUTO, CIPLA, DRREDDY continue to remain bearish in medium term. HCLTECH, HEROHONDA,MTNL and NATIONALUM remain sideways. ABB, RCOM and RPL continue to remain bullish though slightly overbought at this time.