Market Briefing
FE NEWS SERVICE
Negative FII investment in first 8 days of Jan: The net investment by FIIs in the capital markets till January 8 continued to be negative at Rs 17.5 crore ($4.7 million). The gross sales stood at Rs 118.8 crore and gross purchases at Rs 101.3 crore. There were no transactions by debt funds in this period. The month of December also saw more sales than purchases by the FIIs with a net investment figure at a negative Rs 578.6 crore ($155.4 million).SEBI suspends DSE member: SEBI suspended a member of the DSE on Friday for indulging in price manipulation and creation of false market in the MS Shoes scrip. Sareen and Co was suspended for a year by the market watchdog for artificially propping up the scrip in collusion with the promoters of MS Shoes. The suspension comes into effect from January 16, 1998. BSE calls Peregrine officials: In view of rumours that BSE has decided to suspend the trading rights of Peregrine Securities on account of the happenings in the Asian markets,
representatives of Peregrine Securities have been called upon by BSE authorities on January 10 to elicit their views before taking a decision. Ciba Specialty Chemicals scrip lists on BSE: The equity shares of Ciba Specialty Chemicals (India) Ltd were on Friday listed on the non-specified category of BSE at Rs 125 per share. The scrip traded in the range of Rs 102 to Rs 135 before closing at Rs 109.50, with 15,060 shares changing hands. Securities to be delisted from BSE: The BSE has decided to delist the following securities as they have been redeemed or converted into equity shares: 12 per cent debentures of Rs 600 each of Tisco, 12.5 per cent secured redeemable debentures (series IV) of Rs 25 each of Ceat, 18 per cent FCDs of Rs 60 each of Jord Engineers India, 15 per cent NCDs of Rs 100 each of DCM, 12 per cent NCDs of Rs 10 each of Modern Home Credit & Capital, 14 per cent secured NCDs of Rs 100 each of JK Corp, 15 per cent OFCDs of Lloyds Finance, cumulative convertible preference
shares of Rs 100 each of Chambal Fertilisers & Chemicals, 14 per cent NCDs of Reliance Industries, Part C of Rs 105 each of 12.5 OFCDs of Essar Oil, 15 per cent NCDs of Rs 100 each of Ranbaxy Laboratories and units of BoI FBGS (Plan A of 1991 ) of BoI Mutual Fund. BSE to revise auction payout timings: BSE has decided to revise objection and auction payout timings with effect from January 10. Payout of securities returned under objection would be done on Tuesday between 2 pm and 4 pm and auction payout would be conducted between 1 pm and 5.15 pm on Wednesday. Shares lose value on CSE: The falling trend in share prices persisted for the third successive day at the Calcutta Stock Exchange on Friday as sellers were in absolute control of the trading ring. The currency turmoil in the Asian markets continued to depress market sentiment, dealers said. The 50-share CSE index closed at 100.06 points. MSE index sheds 43 points: Equities weakened further on the Madras Stock Exchange on Friday.The MSE share price index declined by 43.37 points to close at 3,848.63. ACC slumped to Rs 1,288.35 from Rs 1,340, Reliance declined by Rs 4.10 to Rs 163.90, Telco by Rs 5.85 to Rs 282.45, Tisco by Rs 4.60 to Rs 130.75 and SBI by Rs 4.95 to Rs 232.95. Divergent trend on BgSE: Equities remained divergent on Friday at the Bangalore Stock Exchange. According to marketmen, barring ITC and some select scrips the trend by and large was weak. The turnover on the bourse stood at Rs 38.17 crore. ITC firmed up to Rs 595.30 from Rs 590 on good buying support. OTCEI index steady: After a better start equity prices reacted sharply on institutional selling and ended on a steady note at the OTCEI on Friday. Reflecting the trend, the market opened at 108.97 points, rose to a high of 109.50 points but later reacted to close at 108.96 points, down by 0.01 point from the previous close of 108.97 points. Skindia index loses 3.43%: The Skindia GDR index dropped by 3.43 per cent from 900.90 to 870.04 on
January 8. The Skindia GDR index p/e ratio was 18.21 on January 8 compared with 18.85 on January 7. The top losers were Telco and L&T which moved down to $8.00 ($8.75) and $11.25 ($12.00). HK stocks dive on Asia woes: Hong Kong stocks plunged to a sharply lower Friday close as investors remained unnerved by turmoil in regional markets and higher local interbank rates, brokers said. The Hang Seng Index dropped 359.89 points, or 3.89 per cent, to end at 8,894.64 points. Call rate ends at 8.9%: The overnight call money rates crossed refinance level of 9.00 per cent on heavy demand for funds from commercial banks and private institutions in the interbank call money market on Friday. The call rate went up to 9.75 per cent during the intra-day trading session. At 9.75 per cent borrowers stopped taking from the FIs and bankers and went for refinance from the RBI which drifted interest rates lower at the fag end to 8.90 per cent to 9.00 per cent. Rupee weakens: The rupee weakened against
the dollar on renewed demand by corporates and importers in an otherwise quiet, two-way trade at the interbank foreign exchange (forex) market on Friday. The rupee closed at 39.74/76, moderately lower from the overnight finish of 39.62/67 after moving in a fairly broad band of 39.61 and 39.76 in mostly lacklustre dealings. The rupee opened at 39.61/66. Gold, silver prices decline: Silver prices suffered a heavy setback due to brisk stockist selling amidst increased arrivals of raw silver as against poor industrial demand. Gold prices also ruled subdued. Silver ready .999 fineness nosedived by Rs 140 per kg to close at Rs 8,240 from the previous close of Rs 8,400. Gold prices declined moderately due to fresh arrivals as compared to poor seasonal demand. Lower overseas advices also dampened the sentiment.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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