Side counters continued to dominate proceedings on the Calcutta Stock Exchange (CSE) as punters stayed away from the more volatile counters, which languished for want of trading interest. It was only towards the end of the week that ITC rekindled speculative interest as news spread of large-scale buying by two US-based funds.

The market opened weak on Monday and pivotals ended with losses at close. The CSE index, which opened at 106.22, finished the day at 105.57. Turnover recorded for the day was Rs 406.40 crore and only 188 scrips were traded. In the `A' group, SBI, ITC and Reliance recorded turnover of Rs 145.53 crore, Rs 129.35 crore and Rs 91.90 crore respectively.

BOC India, Bata and Reckitt & Colman were in the limelight and closed higher at Rs 72.50, Rs 113.20 and Rs 272.10 respectively. In the cash group, Escorts and Bank of Rajasthan recorded trade volumes of Rs 36.75 lakh and Rs 20.18 lakh.

The selling pressure continued on Tuesday as tired bulls started unloading the heavyweight counters. The CSE index closed at 105.18. Total turnover on the bourse was Rs 417.40 crore. ITC topped the turnover chart with a volume of 38.2 lakh shares valued at Rs 153.37 crore.

ITC and SBI were the weak spots at Rs 401 and Rs 301 respectively. Tata Tea saw interested buying on expectations that earnings would improve on better realisations this year. The Tata Tea scrip peaked at Rs 253 before closing at Rs 247, recording a five per cent gain.

In the cash section, heavy volumes were traded again in Escorts with the turnover touching Rs 1.10 crore. Wednesday's trading saw pivotals moving in a narrow range except ITC which saw hectic buying as volumes soared to 41.87 lakh shares valued at Rs 167.54 crore. Maximum volumes were recorded in SBI at 71.81 lakh shares valued at Rs 214.85 crore. Total turnover for the day was Rs 551.67 crore.

Interest in Tata Tea was strong and the scrip gained almost 10 per cent during the day to close at Rs 271.60. Reckitt & Colman gained 5.3 per cent to close at Rs 281.70.

Bank of Rajasthan was actively traded in the cash group on rumours that a substantial equity may be acquired by a US-based company. Turnover in BoR touched Rs 85.27 lakh.

ITC went bonkers on Thursday as operators fell overboard to buy the scrip on news that select US-based funds had picked up a big chunk of the stock.

Total turnover on the last day of the settlement touched Rs 686.90 crore and ITC and SBI recorded volumes of 69.32 lakh shares (Rs 290.28 crore) and 64.96 lakh shares (Rs 196.84 crore) respectively.

ITC rose steadily to Rs 426 before profit-taking brought it down to Rs 420 at close. Among other major gainers were Indian Aluminium and Gujarat Ambuja Cements. Bank of Rajasthan and Balrampur Chini attracted buyers in the cash section.

ITC continued to attract attention on the last day of the week with volumes reported at 56.05 lakh shares valued at Rs 243.70 crore. Total turnover touched Rs 511.62 crore. Other actively traded scrips included Tata Tea and Telco which closed at Rs 294.40 and Rs 394 respectively.

The immediate outlook is uncertain as marketmen are unwilling to enlarge commitments as institutional players are by and large sitting on the sidelines.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.