The Hindu Business Line : Is the market consolidating at higher levels?

“Pakistan on top as day three of Kolkata cricket test comes to an end,” Khan lamented as he turned his attention to Jogin’s unexpected message. All night at work because of some important assignment, Jogin said he could skip Sunday’s market chat. Dakshinamoorthy wasn’t in great mood either. After finalising his Monday morning presentation, he slipped on the wet floor hurting his ankle. His swollen ankle tells that somebody else might get the honour of doing the sales pitch, instead of him. All was gloomy till Sridevi typed, “Let’s chat folks!”

* * *

Sri: So what’s the news?

Kay: Jog might give chat a slip.

Dax: My sore ankle hurts!

Sri: Your historical performance :)

Kay: This is a sad weekend.

Dax: Hope it’s not like that in the markets.

Sri: From what I can see, Nifty went up on Friday.

Kay: On global recovery.

Sri: But will we cross 5830?

Kay: Any stocks?

Sri: A birdie says there could be sales in Bombay Dyeing.

Dax: SEL Mnfg too showing excellent movement.

Jog: (Makes an unexpected appearance) Hello guys!

Sri: Hey we all missed you.

Dax: Any gossip you have…

Jog: Alok Textiles strongly knitted, should roll up.

Kay: In small caps, look at Kajaria Ceramics

Sri: Somebody sold it in a big block deal.

Dax: Nov vehicle sales of Maruti were up 27pc yoy!

Jog: May go up but its all known…no mystery factor.

Kay: I see the market consolidating at higher levels.

Sri: But spells of volatile movements not ruled out.

Dax: At current 19363, Sensex trades at PEM of 19.

Kay: Surprising that FIIs went on selling in November!

Sri: Yeah actually.

Dax: May be all eyes on US Fed meet on Dec 11.

Kay: This week is it? Traders raised bets the

Fed will lower interest rates.

Jog: ECB and Bank of England also meet on 6.

Dax: Yes. But no surprises expected.

Sri: Back home, India’s GDP rose 8.9% in the Q2,

Kay: That was below a robust 9.3% growth in Q1.

Sri: Any IPOs this week apart from eClerx?

Dax: IT companies stocks have had good listing gains.

Jog: Some good news for SBI…

Sri: Yes, Cabinet at last approved SBI rights issue.

Dax: Any clues on whether it will be at discount to CMP

Jog: What about the Sebi regulations in IPO market…

Dax: For me, the 10% discount on retail.

Sri: Imagine IPOs giving up to 10% discount to us.

Kay: Yeah, nowadays IPO are so richly

priced that 10% less is handy.

Jog: But can’t promoters say I will not give retailer 10%.

Sri: At last, jet fuel prices are going up.

Dax: May be good for airlines and state-owned oil cos.

Jog: Help me with my Bajaj Auto shares!

Sri: It’s an emotional attachment.

Dax: It posted a 3 percent fall in sales in November.

Kay: Its 10th straight month of declines!

Jog: Any clue whether Pfizer’s winning case

against Ranbaxy is material?

Dax: Won a US court ruling that bars

Ranbaxy from selling a drug

Kay: Don’t try shorting…it may backfire.

Sri: Caution is key then huh!

Kay: Another ‘wait and watch’ week then.

Jog: Feeling tired, bye all (Logs off).

* * *

Kum with inputs from Sri, Mad, Vim, Yog and Lee

Blog at http://MarketChat.blogspot.com

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