Equities remained sluggish for most part of the week at the Bangalore Stock Exchange (BgSE). The market moved sideways for most part of the week, with operators preferring not to make any fresh purchases.

During the week, the turnover at the bourse saw a steady fall. On Monday, the turnover was Rs 28.28 crore, while on Tuesday it was Rs 21.75 crore, on Wednesday and Thursday it was Rs 18.19 crore and Rs 14.17 crore respectively and slightly better on Friday at Rs 22.97 crore.

State Bank of India was the scrip in the limelight during the week. The scrip alone accounted for the bulk of the turnover during the week. Prices in the scrip went on a roller-coaster and was the main target of buying for operators and institutions. The scrip opened the week at Rs 308.75, fell to Rs 300.25 during mid-session on Monday and closed the week at Rs 307.50 still at a lower level compared to last week. The turnover in the scrip on Friday alone was Rs 14.77 crore. The scrip was also active in the odd-lot, spot and auction markets. Significantly, the scrip also attracted huge long and short positions with the last figure being 37,150 long and 44,500 short.

Reliance remained steady for most part of the week and did not witness much fluctuation. Opening the week at Rs 303.25, it fell to Rs 297.90 on Monday and closed on Friday at Rs 300.45. Marketmen are of the view that there is not much to be expected in the scrip until some fresh news is forthcoming about the company.

ACC was one of the biggest losers at BgSE during the week. Though the volumes in the scrip have been low, marketmen feel that it is not a hot scrip anymore. The scrip opened at Rs 1,355 on Monday and rose to Rs 1,366 on Tuesday. On Wednesday it fell to Rs 1,315 while on Thursday it was Rs 1,300. The scrip touched Rs 1,280 on Friday, its most dismal performance in recent times.

Bank of India, the new entrant on BgSE has got off to a flying start. The scrip has seen hectic activity and was in good demand. On the four days the scrip was traded, the prices rose from Rs 61 on Tuesday to Rs 66 on Wednesday, Rs 72.60 on Thursday and Rs 76 on Friday before closing at Rs 73.10. Marketmen fell that this is the only scrip worth buying now as many of the others are still at inflated rates. Tisco closed the week at Rs 168.60 after opening at Rs 176.55, while Karnataka Bank was available at Rs 74.20 (Rs 74.50).

Vikrant Tyres made an appearance after a long time and was quoted at Rs 40 on Friday, while L&T closed the week at Rs 214.90 ( Rs 215.55). ITC was quoted at Rs 405.70.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.