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

Tuesday, August 07, 2001

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Markets

Fast track
Dr Reddy's: On a perception wave
THE markets have been moving in a narrow range for close to three months now. Small gains in one week are whittled away later. But amidst these broad market trends, there are a few stocks that have managed to post sizable gains on the back of liquidity a nd perception of what may be in store.

Impact
Sterlite Optical: Stemming the decline
THE announcement of a buyback programme may not lead to any major spurt in the stock price of Sterlite Optical from the present levels. In the homestretch to the announcement, the stock had moved up 26 per cent to around Rs 212. In the preceding week or so, it had declined 32 per cent. In the context of these price trends, whether the recovery of the last four days would be sustained itself has to be subject to doubt. The company plans to buy back its shares at a maximum price not exceeding Rs 250 per s hare.

Hughes Tele.com: Early linkages still
THE indications that Tata Teleservices and Hughes Tele.com could combine in some form may infuse some interest in the stock of the latter. But since the process has been indicated as been in a fledgling state, the announcement may not lead to a significa nt change in the valuation of the stock.

Stocks
Lyons Range
THE Calcutta Stock Exchange on Monday saw the scrips of Rolta, DSQ Biotech, NIIT and Tata Engg move up marginally.

Buyback fails to prop up Sterlite Optical
STOCK prices remained range bound on Monday with the BSE Sensex ending the day with small gains. The firm trend in the stock price of Hindustan Lever and Reliance Industries, which together account for 31 per cent of the market capitalisation of Sensex, was mainly behind the higher close of the Sensex.

Technical Analysis
Narrow movement
MONDAY'S trading activity witnessed narrow movement in the index. It moved within a close band of 10 points. Neither the bulls nor bears gained from the day's trading. The trend in the index remained sideways for the sixth calendar day. The sentiment rea ding of the tradable counters remained bullish.


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