Some side-counters like Indian Rayon, Reckitt & Colman, Bata and BOC, among others, were in the limelight in a week when most pivotals tended to stagnate. Speculative interest was at a low ebb as reflected in the low volumes on the Calcutta Stock Exchange.

Trading for the week started on a weak note with limited buying interest and near absence of institutional orders. The CSE index, which closed the previous week at 106.78, hovered around that level before settling lower at 105.21. Total turnover for the day was Rs 405.26 crore. SBI and ITC recorded volumes of Rs 155.42 crore and Rs 116.52 crore respectively. Pivotals steadily lost ground as bulls unloaded out of fatigue and shortsellers hammered home the advantage. ACC, ITC, RIL & SBI closed weaker at Rs 1387, Rs 401, Rs 297.90 and Rs 301.80 respectively.

Both BOC India and Bata were firm at Rs 622 and Rs 93.70 respectively. Indian Rayon was also in demand on anticipation of bonus issue and gained 5 per cent to close at Rs 404. In the cash section, the active scrips were Avery India, Shipping Corporation, Balrampur Chini, HDFC Bank and Orchid Chemicals.

The weak sentiment persisted on Tuesday and the CSE index showed marginal gain at 105.42. Total volume,however, picked up to Rs 457.46 crore. SBI and ITC were the more actively traded shares at Rs 172.64 crore and Rs 148.67 crore. ACC weakened further on sustained bear hammering to close at Rs 1355. ITC and SBI picked up on speculative buying to close at Rs 409.60 and Rs 306.90 respectively. Bata and BOC were steady at Rs 93 and Rs 62.

Reckitt & Colman gained 7 per in a single trade of 50 shares only to close at Rs 242.50. A leading FII is bullish on the scrip in view of its improved working in the current year but in the absence of sellers the scrip flared up sharply. Consequent on the announcement of the 1:2 bonus, Indian Rayon shed gains as fresh selling emerged from financial institutions who found it an ideal opportunity to exit. The scrip slid 4 per cent to close at Rs 387.40.

The sentiment continued to be weak and in the absence of advices from Mumbai, prices sought lower levels and the CSE index closed lower at 104.98. The total turnover traded was Rs 422.49 crore. SBI and ITC topped the turnover chart with Rs 188.95 crore and Rs 104.50 crore respectively. Indian Rayon lost further ground to close at Rs 369.40 while ACC shed 3 per cent to close at Rs 1315. BOC and Reckitt gained about 4 per cent each to close at Rs 64.90 and Rs 251 respectively.

Volumes dropped sharply on Thursday to Rs 309.16 crore in thin trading. The CSE index closed at 105.59. Reckitt gained 4 per cent to close at Rs 260.80 and the volume picked up substantially to 2250 shares. ACC dipped below Rs 1300 level before closing at Rs 1308.

On the last day of the week, turnover volumes continued to be low at Rs 331.28 crore. The CSE index picked up to Rs 106.22. For a change, there was interested buying in Bata which gained 7.47 per cent to close at Rs 105 and ICI India which gained 7.4 per cent to close at Rs 159 on news that the company had acquired the speciality chemicals business of Unilever plc abroad. Hind Motors which announced a big drop in net profit to Rs 32 crore suffered losses of 6.5 per cent to close at Rs 14.40.

The immediate prospects of a revival are uncertain but the strategy adopted by operators could play a crucial role in shaping the future course of the market. They have in the recent past taken investors by surprise and a rally materialises just when the general mood turns despondent.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.