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

Saturday, May 19, 2001

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Markets

Fast track
Britannia Ind: Losing flavour?
THE markets continue to be almost rangebound with narrow movements in stock prices across-the-board. But sift through the mass of stocks, some significant price trends are taking place as usual. In a market where FMCG stocks stood firm almost across-the- board, select stocks are now feeling the heat. ITC being the foremost. But not too far behind is the Britannia Industries stock.

Impact
Pfizer-Parke Davis merger: Status quo
THE indications of a merger between Pfizer and Parke Davis in 2002 may not have any influence on the valuation of the stocks in the short term.

Gujarat Ambuja: Mirroring ECB patterns
THE price of Rs 225 per share fixed for the preferential offer of Gujarat Ambuja Cements has been on expected lines. This is in line with the pricing pattern used for the Euro Convertible Bond (ECB) offering earlier in the year where the conversion price was fixed at a similar level.

Stocks
Lyons Range
The Calcutta Stock Exchange on Friday saw an unusual upward price movement in the Philips counter on rumours of a fresh open offer. The scrip hit the 16-per cent upper circuit limit and closed at Rs 83.60 against the Thursday's close of 72.10.

Selling pressure weighs down Sensex scale
A RANGE bound trading prevailed in the local bourses with profit booking at many counters as it was settlement day on the Bombay Stock Exchange (BSE) on Friday.

Profit bookings lead to a negative note
PROFIT booking towards the end of the day led to the market closing on a negative note. There was some buying interest in the old economy sector, but the stocks shed their gains towards the end of the day as investors unwound long positions and booked pr ofits on the last day of settlement.

Technical Analysis
Narrow movement
FRIDAY'S trading witnessed narrow movement in the index. The Nifty moved within a close band of around 18 points. The bulls managed to gain during the initial hours, but could not withstand the bear pressure during the close.


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