Tuesday, September 20, 2011

NSE Market Review [8-12 Aug]

Last week’s nationalization of three listed banks seemed to be the push this market had been ignoring. A market that had been on edge for some time briefly appeared to be tottering. It may have been emotional but certainly not irrational. 
It appeared to show its discontent with the nationalization during the first three days of trading, the NSE-ASI dropped some 1,061 points (-4.53%). It then reversed its path in the last two days appearing to pick up the pieces from what may have been an overreation.
Although volume appeared normal, the number of transactions for the first and last days dipped below 4,000 for the first time since Sept 2009. However volume per transaction was up by some 28%. The NSE-ASI closed at 22,775.55 -2.66% (-1.80% in the previous week). Volume for the week was a cumulative 1.70 billion shares (1.39 billion shares in the previous week). 

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