Financial Daily from THE HINDU group of publications
Thursday, Apr 01, 2004
Financial Daily from THE HINDU group of publications Thursday, Apr 01, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground MFs act boosts indices
ON the last day of financial year, the rise in most of the major indices is not new for the stock market and this was seen on Wednesday as well. Dealers said the main factor for the rise in Nifty and the Sensex was the propping up of NAVs by most mutual funds. Most of the fund managers try to show higher NAV at the end of each quarter, half-year and full year. However, for fund managers September and March are crucial, as they have to disclose the financial performance of each scheme on half-yearly basis. The talk is that several fund managers bought index stocks or the entire index (Sensex or Nifty) in the last one-hour of trading and this was the main factor for the rise in the indices during this period.
Hotel stocks in limelight Even though the tourist season is coming to an end, the interest of market in hotel stocks has again emerged. If the market talk is to be believed, the outlook for hotel industry is expected to remain buoyant in the next few quarters (that is in non-tourist season). The main factor for this is the booming tourism due to good growth of the Indian economy. Recently, a leading domestic broking co has started recommending its clients to buy shares of hotel companies. Dealers said several investors bought the shares of hotels companies on Wednesday. Among the list of shares bought included Indian Hotels (up 5.09 per cent at Rs 420 on the BSE), Asian Hotels (up 2.16 per cent at Rs 187) and EIH (up 5.17 per cent at Rs 273.45).
Price factor hits steel stocks STEEL stocks are again witnessing weakness on concern over the fall in international steel prices. 0If the market talk is to be believed, the steel prices have fallen by around $50 per tonne in the last few days. Earlier, the steel price had fallen by $30 per tonne. On these concerns, several market players are selling the shares of steel companies. The stocks that witnessed selling included SAIL, Jindal Iron and Steel, Bhushan Steel and Monnet Ispat. Dealers said selling was also seen in Tata Steel but the stock closed higher at close due several fund managers buying the shares to prop-up their NAVs.
Virendra Verma
More Stories on : Stock Markets | Ear to the ground
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