Television

Markets wrap up the week with a 29-month high

MUMBAI: This was the week that saw two of the top Indian brokerage houses raided in a dabba trading clean-up operation. Then there were Sebi and RBI jointly cracking down on bulk portfolio investments by foreign institutional investors (FIIs) in a move to home in on market participants suspected of channeling offshore dough into the local markets via the FII route. In November 2001, Overseas Corporate Bodies (OCB) had been banned from investing in the Indian markets through the portfolio investment route.

The markets had opened the week in good spirits but couldn't sustain for long as numbers tumbled down in a mid-week correction. However, with good monsoons and Finance Minister Jaswant Singh's upbeat statements on economic growth marking the market sentiment, the bourses closed at a 29-month high this Friday on sustained buying across the sectors.

The 30-share BSE Sensex closed the week this Friday at Rs 3,883.76, gaining a good 68 points over last week's Friday close of Rs 3815.31. The NSE Nifty ended the day at Rs 1,222.65 up 27 points from last week's close of Rs 1195.75. By the end of the trading session, leaders to laggards parked at 1,330:730 on the BSE, with 78 scrips on the fence.

The media and publishing sector, which accounts for 1.56 per cent of the total market cap for the BSE sensex, showed mixed results, quite in line with the general trend of stock specific movements.

On the BSE sensex, Adlabs closed at Rs 61 up from last week's close of Rs 57. On the NSE it closed at 61 as well. Tips remained at Rs 43.65 since last week on the BSE. On the NSE, the scrip closed at Rs 44 down from an opening of Rs 46.45.

Zee Telefilms Ltd, the only media company on the 30-scrip BSE sensex, slipped again this week by about 2.78 per cent from last week's close of Rs 118.50 to close on Friday at Rs 115.20. The volume of shares traded was around 1.5 million shares. On the Nifty, the scrip lost 2.6 per cent over the week to close the last day at Rs 115.40. NSE registered a volume of around 2.79 million shares.

The Television Eighteen India scrip moved up from its previous week's close of Rs 108.65 to end Friday's trading at Rs 113.80. The volume of shares traded was 143112. On the NSE also, the scrip gained 4.78 per cent to close at Rs 113.85 from Rs 108.65 last Friday.

On the BSE, Balaji Telefilms opened the day at Rs 71 and closed at Rs 75.35, gaining five per cent from Rs 71.70 on 2 August. A total of 343755 shares were traded on the bourse. On the NSE, the scrip opened the day at Rs 73, climbed to close the day at Rs 75.35; a five per cent rise from last week's close of Rs 71.70. It traded a total of 1288228 shares.

Sri Adhikari Brothers Television Network (SABTNL) opened the day at Rs 68.30 and ended the day at Rs 68.00 dropping 3.4 per cent as against Rs 70.40 on 2 August. Traded volumes throw up a figure of 26844 shares. On the NSE, the scrip opened the day at Rs 68.60; dropped about 3.9 per cent from previous week's close of Rs 70.50 to end this Friday at Rs 67.75. The volume of shares traded was 72464.

On the BSE, Cinevista dropped marginally from the previous week's close of Rs 29.75 to end the day at Rs 29.25. The scrip registered volumes of 2960 on the bourse. On the NSE, the scrip registered a marginal drop from Rs 30.30 of last week to end the trade this week at Rs 29.70, effecting volumes of 3585.

Creative Eye opened the last trading day of the week at Rs 14.99; dropped to Rs 14.95 by the end of the day, closing marginally up from last week's close of Rs 14.55. It threw up volumes of 6160 on the bourse. On the NSE, the scrip remained stable vis-?-vis last week. It opened the day at Rs 15.00; dropped 2.67 per cent to end the day at Rs 14.70, same as last week.

Crest Communications opened this Friday on the NSE at Rs 33.75 to end the day and week at Rs 33.70, scraping up traded volumes of 25152.

According to the outlook given by ICICI, the market is likely to seek newer highs in the coming days with positive incoming signs from the economy and FII inflows. In August alone, foreign funds are said to have put in around $ 89 million in Indian equities, not to forget the $1.3 billion pumped in the preceding three months. A number of mid-cap counters were seen tracing their 52-week high during the week.

All in all, analysts feel that the markets are looking cheerful and show promise of crossing the 4000 level by next week.

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