THE HINDU BUSINESS LINE
Financial Daily
from THE HINDU group of publications

Thursday, April 20, 2000

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Markets

Fast track
MTNL: Ringing lower
INDICATIONS from the market show that the bears are applying pressure from all directions. Both the BSE-Sensex and the S&P CNX Nifty have been ruling weak for the past few trading sessions amid selling pressure in the new economy stocks. The recovery at the Nasdaq has also failed to provide support for the Indian market.

Impact
VisualSoft: Rangebound values
THE possibility of VisualSoft Technologies enhancing the limit for investments by foreign institutional investors may not improve the market sentiment for the stock in the short term. Though any increase in the limit may hold scope for enhanced instituti onal investor interest, it may emerge only over a period of time. And since FII investments have yet to touch existing thresholds, any increase may not have an immediate influence on the stock price. Interest by way of front running or warehousing by mar ket players is unlikely given the volatile nature of the markets and the increasing difficulty in spotting the direction of new FII flows. In this backdrop, the VisualSoft' stock may stay rangebound.--BL Research Bureau.

Alstom: Building orderbook
A sizable order bagged by Alstom may provide some support to the stock price in the short term. The company has bagged an order worth 50 million euros from the Powergrid Corporation of India. The order is for the supply of high voltage interconnectors. T his could improve the revenue prospects of the

CG Igarashi: A solid show
THE performance of CG Igarashi Motors in 1999-2000 may lead to a gradual improvement in the valuation of the stock. The company has reported a 57 per cent growth in revenues. The post tax earnings have more than doubled rising from Rs. 2.33 crores to Rs. 5.11 crores. With a focus on the export markets, the company appears well placed to continue the trend of steady improvement in its financials. The stock which trades at Rs. 36 may post some gains on the back of the impressive performance._BL Research Bureau

Stocks
Tech scrips up
PUNTERS liquidated their positions in technology shares at the Calcutta Stock Exchange (CSE) as a majority of them opened at better interday levels.

IT stocks still down with virus
THE market sentiment continued to be subdued during Wednesday's trading. Unmindful of the second consecutive gain of over 200 points posted by the Nasdaq Composite Index, the Sensex continued its slide. The BSE Sensex opened on a very strong note only to recede sharply during the course of day to settle near the day's low.

Selling pressure continues
SUSTAINED selling by funds and operators pushed share prices down on the Bombay Stock Exchange and National Stock Exchange on Wednesday.

Technical Analysis
HK tech stocks weaken, Nikkei ends firmer
A strong early rally in Hong Kong blue chips gave way to caution on Wednesday, paring gains and sending key technology stocks back into negative territory.

Bearish trend sustains
THE S&P CNX Nifty opened around Tuesday's closing value. The market was bullish during the initial hours. The bears entered the market later on and dealt a severe blow, which took the index to a low of 95 points from the day's open. However, the bulls re covered some of the losses during the closing hours.


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