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

Tuesday, August 14, 2001

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Markets

Fast track
Hero Honda in top gear
EVEN after a month, the market still continues to remain shallow and the dullness that has been prevalent since the introduction of a new trading system is still persistent. It is, however, positive to notice that the market has not over-reacted to nega tive developments such as UTI's US-64 imbroglio, the downgrading of India's outlook by an international credit rating agency and the news of slump in industrial growth during the first-quarter of current year.

Impact
Snowcem: Favourable alliance, but..
THE proposed strategic alliance between Snowcem India and Jenson & Nicholson may not have any near-term influence on the valuation of the stocks.

Aksh Optifibre: Shorter length
THE stock of Aksh Optifibre could rule in a lacklustre manner following indications that it may not be able to benefit to the full extent from a bid to a tender of Bharat Sanchar Nigam Ltd (BSNL).

Gujarat Ambuja Cements: Favourable move
THE plan of Gujarat Ambuja Cements to scrap the creation of a new capacity and cut down on high-cost debt may be viewed favourably.

Stocks
Profit-taking in Reliance drags down Sensex
THE markets continued to remain depressed as the Bombay Stock Exchange's Sensex closed 28.59 points (0.86 per cent) lower at 3287.62 points.

Technical Analysis
Uptrend reversed
BEARS dominated the Monday trading activity. This led to the reversal of the uptrend initiated on Friday. The intra-day movement in Nifty was around 20 points. It closed with a loss of around seven points with respect to Monday's close. The sentiment reading of the tradable counters stands in favour of the bears.


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