There is a build-up of a well-dispersed bullishness across many counters.The Sensex went up with a gap and closed at 5443, posting a gain of 224points day over day. It closed lower than the opening of 5482 and theintra-day high of 5533. The daily stochastic indicator has leaped up, butthere is room to move higher before it signals overbought position. Thebroader market indices point out that the overbought position could bereached on Wednesday. A bout of profit-taking at the upper end cannot beruled out on Tuesday.
All the cement scrips. ACC, Gujarat Ambuja and Grasim were on the uptick.However, ACC closed lower and Grasim broke upside with a gap. India Cement,however, found the going on the upper regions tough. Auto scrips made anattempt to move up, but could not close strong. Hero Honda was an exception.It jumped up with a gap, but closed at the lower end. Tata Power was down,but Ahmedabad Electricity was distinctly strong. BSES moved up with a gapand closed at the upper end. Tisco was on the retreat. SAIL is trying tomove up, but closed lower. Bank scrips are attracting huge volumes.
SBI is firmly bullish and ICICI is leaping. Hotel scrips have turned weakagain. ITC Hotel is an exception. Infosys is going up on small volume, as ithits the circuit. ITC is attracting huge volume. The intra-day rangesuggests that speculators are pretty active, but revert to day-trading.Larsen & Toubro and Mahindra & Mahindra are investment worthy, technically.MTNL is firmly on the upmove. Nestle has not been able to build on theconsolidation and has turned weak. Volume on NIIT is extremely low.
Novartis could not capitalise on the foundation it had laid in the past tensessions or so and has turned weak. On the other hand, Ranbaxy could moveup. Glaxo is better and is consolidating further.
E Merck's inability to rise is surprising. Reliance was one of the starperformers of the day, with volumes shooting up. The intra-day movement washigh and it closed lower than opening. Hindalco is attempting to takeadvantage of a brief consolidation. Indian Aluminium is growing weak.Sterlite has jumped up on small volume. HPCL is trying to climb on top ofthe consolidation, but BPCL is breathing hard. Punters logged in at Cochin,but were in a hurry to take profit. Reliance Petroleum is leaping withvolume. HLL and Reckit are finding the going tough. Castrol is proving to betoo volatile a scrip.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.