Mumbai, Dec 20: Carry forward rates on the Bombay Stock Exchange zoomed to touch a high of 20 per cent annualised and continued to hover in the band of 16-18 per cent annualised on an average basis.

The net outstanding turnover at the badla saw a sharp recovery of over 6 per cent to touch a high of 151.95 lakh shares valued at Rs 267.17 crores.

Of the 99 stocks offered for the carry forward session, only 5 stocks attracted backwardation charges. However, the unique feature was the increasing liquidity towards the end of the session which saw the backwardation charges dipping steadily. Century Textiles attracted a backwardation charge of Rs 2.50 during the first phase of the session, however, towards the end the stock closed with a backwardation of 80 paise for a net outstanding quantity of 1.06 lakh shares.

Grasim Industries saw the badla operators charging an interest rate of Rs 1.90, however, towards the last phase due to increase in liquidity the stock finally attracted a backwardation of Rs 0.58 (weighted average) for a net outstanding position of 5000 shares. Similarly, in the case of Hindustan Lever the operators commanding a backwardation of Rs 10 however, closed at Rs 0.39 in the final round.

Gujarat Alkali attracted a backwardation of Rs 0.03 (weighted average) and Procter & Gamble Rs 0.79. Among the index based stocks, German Remedies which has continued to move steadily in the northward direction recorded the highest carry forward of 20.16 per cent annualised for a net outstanding position of 87,200 shares.

Other prominent features of the day was the high carry forward attracted by the heavy weight counters like Bajaj Auto, BHEL, BSES, BPCL and SBI. Bajaj Auto attracted a carry forward of 16.80 per cent for a net outstanding position of 2.96 lakh shares. BHEL attracted a carry forward of 16.80 per cent for a net position of 1.15 lakh shares, BSES recorded a carry forward charge of 16.32 per cent, Castrol (16.80 per cent), HDFC (16.32 per cent), ITC (16.32 per cent) and SBI (15.36 per cent). Ponds India attracted the lowest carry forward of 0.96 per cent annualised.

A consensus seems to be emerging that the lower supplies by institutions both local and FIIs is the prominent reason for the market to sustain above the crucial barrier of 3,500. ``However, a correction at these levels is inevitable,'' commented a BSE broker.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.