Business Daily from THE HINDU group of publications
Monday, Nov 26, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Monday, Nov 26, 2007 ePaper | Mobile/PDA Version |
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Markets
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Stock Markets Columns - Chat FIIs are selling stocks. They sold over $1 billion worth of shares last week. Jogin was thinking whether this was linked with the year-end profit booking or some hidden information that they had. An office may not be the right place to do that but Dakshinamoorthy was caught up with the India-Pakistan cricket match highlights. Is being married a one-stop solution for all your tax problems, it occurred to soon-to-be married Sridevi? Khan was about to leave after finishing up his job, when he missed market chat. “Hello everyone...chatters?” *** Kay: Sensex looks to be heading for consolidation. Jog: 18k is more of a possibility now? Sri: Hi…all! Dax: A lot of markets are still exposed to global growth… Jog: To that extent it will impact on equities. Kay: The Japanese yen is again getting stronger. Sri: Yep… a two-year high against the dollar! Dax: The yen unwinding. Will it affect Dalal Street? Jog: I think markets are just looking for an excuse. Kay: FIIs are selling because they want to book profits. Dax: Support that the market received last month? Sri: It has clearly been from domestic investors. Jog: This month has been net negative from FII investment. Dax: Mutual funds have not bought on a net basis. Kay: Will get much tighter at higher levels of valuations. Jog: It bothers me when some companies… Kay: Command lofty P/Es! Dax: IOL Broadband for one? Sri: Clearly beyond fair valuation benchmark? Kay: Maybe some embedded valuation… Sri: Anybody knows why Reliance sold its 4 per cent stake in RPL? Kay: Maybe Chevron bought it. Sri: Anyways landed a cool profit of Rs 3,600 crore. Dax: Reliance Petroleum is gonna go up to Rs 223 folks. Sri: Good point…it’s at Rs 209 now. Kay: Any listings this week? Jog: Yes. Empee and Mundhra. Religare was too good! Dax: The stock settled at Rs 522 on the BSE on that day. Kay: A premium of 182 per cent over IPO price! Sri: ICICI Bank and IDFC are stakeholders in Mundhra. Dax: Maybe investment book will force re-rating? Sri: The BSE Bankex fell 5.35 per cent last week. Jog: ICICI Bank fell 6.5 per cent to Rs 1,140.35 in the week. Kay: SBI fell 3.2 per cent...Axis Bank fell 4.6 per cent. Sri: Some foreign guys selling good stocks too…why? Dax: I think this was more or less expected. Jog: One is post the P-Note regulation… Kay: Some hedge funds will be protecting returns. Jog: Long only FIIs would, I believe… Dax: Very valuation conscious. Sri: Better to make profits now. Dax: UTV has recovered its production cost… Sri: Of the movie “Goal”? Kay: Before even releasing it! Jog: Could this trigger buying interest in the stock? Kay: What about HEG... Dax: Holds 40 per cent in Bhilwara Energy. Jog: With Bhilwara expected to go the IPO way… Kay: Some re-rating maybe? Sri: For me the Japanese yen is important. Dax: If investors reverse carry trades...who knows? Kay: Outflow of funds by foreign investors… Sri: Will weigh on sentiments. Cautious? Jog: Sensible is the right word. Dax: On that note…bye! *** Kum with inputs from Vid, Sri, Vim and Lee Blog at http://MarketChat.blogspot.com FIIs net sellers of Rs 4,200 cr Sensex well poised but… FII selling drives down stock prices for 3rd day More Stories on : Stock Markets | Chat
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