Market Briefing
FE NEWS SERVICE
Karvy Consultants officials to visit BSE: The representatives of Karvy Consultants, registrars and share transfer agents to Reliance Industries and Reliance Petroleum, will be visiting the Investor Services Cell of the BSE from January 13-15. The exchange has asked its member-brokers and investors to take advantage of the same and come forth with their problems. Both the companies reported the maximum number of investor-related complaints against them in December 1997.3-day break at MSE: The Madras Stock Exchange will remain closed from January 14-16 on account of Pongal. Nifty up 3 points: Pivotals recovered moderately at the NSE on squaring-up of positions on the last day of the current settlement. However, the market failed to close at the day's best levels on profit-taking at higher levels. According to an exchange release, 74 securities hit the circuit filter. The NSE-50 (Nifty) index finished at 999.10, up 3.30 points over the previous close. The total turnover was Rs 1,403.10
crore. Equities wipe out losses on CSE: With scrips attracting support at lower levels, equities recovered most of their losses on the Calcutta Stock Exchange on Tuesday. However, buyers were still exercising caution while placing orders, brokers said. The 50-share CSE index finished at 97.43 points after moving between 98.77 and 96.62 points. Shares recover on MSE: Select counters recovered and made modest gains on the Madras Stock Exchange on Tuesday. The MSE share price index moved up to 3,717.91 from the previous close of 3,714.41 points. ACC recovered by Rs 14.80 to Rs 1,270.35, ITC by Rs 14.10 to Rs 592.10, Reliance by Rs 1.85 to Rs 156.05, L&T by Rs 3.15 to Rs 198 and Telco by Rs 4.35 to Rs 274.60. DSE index gains 9 points: Buoyed by a recovery on Wall Street and other Asian markets, share prices rebounded at the Delhi Stock Exchange on Tuesday, led by ACC and ITC. The DSE Sensitive Index gained 9.32 points to close at 723.23. Brokers said foreign funds returned to the marketand made huge purchases at select blue-chip counters. Equities firm up on BgSE: Share prices recovered at the Bangalore Stock Exchange on Tuesday. According to marketmen, there was good buying support in pivotals. The turnover on the bourse stood at Rs 36.59 crore. ITC firmed up to Rs 590.55 from Rs 579.40 while BPL fell to Rs 103 (Rs 104). Reliance, SBI, Tisco were better at Rs 157.55 (Rs 156.55), Rs 234.30 (Rs 228.60) and Rs 125.25 (Rs 124.75) whereas Tata Tea was quoted lower at Rs 390 (Rs 396.05). OTCEI index up 1.70 points: A firm trend was witnessed at the OTCEI on Tuesday as equity prices improved on buying support, ending with moderate gains. The OTCEI composite index opened at 108.46 and settled at 110.39, gaining 1.70 points over its previous close. The total turnover reported during the day was Rs 32.23 lakh in 40,450 shares and debentures. Skindia index slips 5.37%: The Skindia GDR index moved down by 5.37 per cent from 808.78 to 765.34 on January 12. The Skindia GDR
index P/E ratio was 16.04 on January 12 compared with 16.96 on January 9. The top losers were Mahindra & Mahindra, ICICI and Ranbaxy Labs which moved down to $8.50 ($9.75), $10.50 ($11.50) and $21.50 ($23.50) respectively. HK stocks stage recovery: Hong Kong stocks stormed to a higher close on Tuesday as investors shrugged off Monday's news of Peregrine Investments Holdings Ltd's application for liquidation. The Hang Seng Index wiped out most of Monday's hefty losses, adding 598.94 points, or 7.38 per cent, to end at 8,720.00. Call rate ends at 9.10%: A steady trend prevailed at the short-term money market with adequate liquidity in the system to meet borrowers' requirements. Opening at 9.00-9.25 per cent, call money rates closed at 8.90-9.10 per cent with most of the business transacted at 9 per cent, dealers said. Rupee weakens further against dollar: The rupee on Tuesday hit a low of 39.92/94 against the US greenback in a volatile and choppy trading session. The rupee opened at
39.83/85. Economic chaos in the southeast Asia aided the downfall that saw the rupee close at 39.87/89. Silver falls, gold steady: Silver prices fell further while gold held steady on the local bullion market. Ready silver of .999 fineness and raw silver of .916 fineness fell by Rs 60 each to close at Rs 8,040, Rs 7,940 and Rs 8,045. Standard gold remained unchanged at Rs 3,985.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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