The Hindu Business Line : Sunday, December 28, 2003

Stocks in 2003: Partying like there is no tomorrow
AT THE beginning of 2003, when the Sensex was perched at the 3,400 level, had someone hazarded a guess that it would settle at almost 5,700 by the year-end, the most likely response would have been: "That's bull." ... More

How we handled the bull market
IT HAS been an exhilarating year at the markets and our experience when it comes to calling stocks has been no different either. As the end of the year approaches, we decided to step back and carry out an objective ... More

Stocks in 2004: Steam left in the bull run
COMING off a year when the broad markets have turned in returns of about 100 per cent (S&P CNX 500), it may be better to view the outlook for stocks in 2004 with circumspection. It is unlikely that 2004 will hold a ... More

MUTUAL FUNDS

MF performance in 2003 — It's been party time for equity funds
IT HAS been a breathtaking year for investors in equity mutual funds. The majority of equity funds have beaten the market indices by a huge margin. One in every four equity funds has managed to double its NAV over ... More

HDFC Prudence Fund: Invest
WITH absolute returns of around 90 per cent over the past year, the HDFC Prudence Fund remains the top choice among the balanced funds available to the investor. Its performance in 2003 reinforces the case for ... More

Franklin Prima: Buy in phased manner
INVESTMENTS can be considered in Franklin Prima despite the rise of about 170 per cent in its NAV over the past twelve months. But exposures can be phased out, perhaps using the systematic investment plan. This will ... More

Alliance Basic Industries
Risk-averse: Book profits partially
Others: Hold More

HSBC Equity Fund: Hold
THE HSBC Equity Fund has delivered impressive returns of 147 per cent, in its maiden year, figuring among the top ten diversified equity funds, in terms of its returns over 2003. Both the fund's stock selection strategy ... More

Tata Mutual launches floating rate fund

TECHNICAL ANALYSIS

Focus of the week
KEC International (Rs 72.9): After a period of consolidation, the stock appears poised to resume its uptrend. The near-term outlook is bullish and a move to the Rs 95-100 range appears likely. Remain invested with a stop loss at Rs 62. A ... More

Overbought Nifty moves into unchartered territory
Preferred view: As anticipated, the index ruled firm and also moved past the all-time high of 1818. Technically, there is no resistance level for the index as it has moved into unchartered territory. The near-term trend remains positive. A ... More

Upside potential in Reliance
Wipro (Rs 1713.8): After a decline on the first two days, the stock recovered strongly on Wednesday and posted a modest gain on Friday. Though there is a possibility of a sideways trend that could continue for a while, the overall outlook ... More

Query corner
Shall I hold or sell Zandu Pharma bought at Rs 2700 and Monsanto Chemicals at Rs 1100? I am willing to hold these stocks for a year. — N. Ramabhadran Zandu Pharma (Rs 3362): The stock is on an uptrend and has significant ... More

STOCK MARKETS

Equity outlook: Optimism in the air
IT is an extremely bullish viewpoint that greets the question on where the equity market is headed in 2004. Across the board, industry experts, equity analysts and stock market investors are cheering in the New Year ... More

Nifty peaks

DERIVATIVES MARKETS

Bullish undertone in Nifty
RIDING on a strong undertone in the indices and most of the underlying securities, there was a substantial roll-over of positions on the January contracts. The Nifty gained 3 per cent week-on-week. The weakness in the Nifty midweek (it dipped by ... More

Using futures & options
Please clarify the following points regarding Covered Calls: When I write a covered call, how is the settlement effected? Do I have the option to give delivery of shares? — S. Padmanabhan A covered call is initiated by taking a ... More

THE YEAR THAT WAS
Futures rule firm
Some interesting trends that were evident in the derivatives market in 2003 are: # Near-month contracts are the most active out of the three contracts available at any time. This is primarily due to liquidity and pricing concerns. The ... More

2003: Futures and options on a high
FUTURES and options have truly arrived with the National Stock Exchange (NSE) accounting for much of the action. Be it volumes, traded value or open positions, 2003 was a record-breaking year. That the trading levels ... More

FOREIGN INSTITUTIONAL INVESTORS

Forex reserves: FII investment trend `will determine future'
IT is now official. The country's forex reserves soared by $1.090 billion, for the week ended December 19, 2003, to finally cross the much-awaited $100-billion mark. The forex kitty is now fortified at a formidable $100.049 billion, as per the ... More

RECOMMENDATION

India Cements: Buy (High Risk)
INVESTMENTS can be considered by those with a penchant for high risk in the stock of India Cements to capitalise on the steady improvement in its fundamentals. Business Line had taken a similar view in early ... More

Investors in oil stocks need to watch out
Will divestment and sale of crossholdings in ONGC, Indian Oil and Gail alter the price discovery process? More

Grauer & Weil: Buy
INVESTORS with a long-term perspective can consider exposures in Grauer & Weil (India) - GWL. Catering to almost all the companies in the automobile industry, GWL is among the larger manufacturers of ... More

HCL Technologies: Hold
Following the rebalancing of the services portfolio towards application/engineering and probable rebound in technology services, HCL Technologies appears well-positioned for good times ahead. However, sustainability of growth from its organic softwar e business, competition from frontline companies and other extraneous risks remain, says Krishnan Thiagarajan. More

MRF: Buy
WHILE MRF's latest performance may not appear all that impressive, the company appears well-positioned to exploit any improvement in the business environment. Taking into account the strong fundamentals, eminent ... More

Indian Hotels: Buy
Investors can consider exposures in the stock of Indian Hotels, which owns The Taj chain of hotels. The stock trades at Rs 458. It has appreciated by over 35 per cent since our last recommendation two months ago. It can be considered for `buy' as ... More

Madras Cements: Buy
Investments can be contemplated in the stock of Madras Cements at Rs 808, as there appears to be room for appreciation linked to fundamentals. The company is set to benefit from the higher level of cement prices in its key markets of Tamil Nadu ... More

Birla Corp: Buy (High Risk)
INVESTMENTS can be considered in the Birla Corp stock as it may benefit from the gradual improvement in cement prices. Higher demand in the north and the eastern regions are likely to restore better balance between ... More

IPOS

TV Today IPO oversubscribed 14.5 times
IN the midst of the rush for new issues, the initial public offer (IPO) of TV Today Network received good response with the issue being oversubscribed 14.5 times. The IPO was for 1.45 crore shares through book-building process with a price band ... More

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