Market Briefing
FE NEWS SERVICE
FIIs report positive inflow on Jan 21: Foreign institutional investors seem to be making a slow entry in the markets, if the figures collated by BSE for January 21 are any indication. The net FII inflow on January 21 stood at Rs 4 crore. FII purchases on the day stood at Rs 27 crore as against sales of Rs 23 crore. According to market sources, the inflow was due to FII buying at the counter of Corporation Bank.Change in ISIN numbers: The National Securities Depository Ltd has intimated the Bombay Stock Exchange of the change in the ISIN numbers of the following scrips: Morgan Stanley Growth Fund, Canstar 80L Benefit Unit, Canstar CG (Capital Growth) and Telco. Sensex skids 29 points: The last day of the current settlement on the BSE saw the 30-share BSE Sensitive Index dip by 29.09 points to close at 3,351.21. Among the index-based stocks, Arvind Mills, Ashok Leyland, Atlas Copco, Hindalco, Indian Rayon, IPCL, Mahindra & Mahindra, Sterlite and Tata Chem touched new 52-week lows.
Continuous bouts of sales pressed at the counter of Raasi Cement saw the stock trade at the weekly band of Rs 126.25. Castrol recorded a loss of Rs 13.75 to close at Rs 696.75. MNC stocks continued to dumped by institutional operators. Nifty slips 6 points: Share prices declined further on the NSE on persistent selling pressure. The NSE-50 index settled at 986.80, losing 5.55 points over the previous close. The mid-cap index finished at 1,118.60, down 9 points from the previous close. The exchange reported a total turnover of Rs 991.01 crore from 375.73 lakh shares. MSE index falls by 17 points: Equities moved both ways on the Madras Stock Exchange on Friday. The MSE share price index dropped by 17.15 points to close at 3,632.54. ACC improved to Rs 1,313.65 from Rs 1,283.30. Satyam Computers gained Rs 9.30 to settle at Rs 179.40. ITC recovered by Rs 4.15 to Rs 587.55. Tata Tea, State Bank of India, and Software Solution also edged up. Shares finish lower on DSE: Equities continued
to lose ground on the Delhi Stock Exchange on Friday on persistent selling by foreign institutional investors. Brokers attributed the fall in share prices to the rising rupee. Reliance lost Rs 2.25 to end at Rs 154 on selling by speculators. Telco moved down by Rs 1.40 to Rs 243.60 on selling by FIIs. OTCEI index down 3 points: Share prices declined further on the OTCEI on increased offerings. The OTCEI composite index opened at 112.70 and fell sharply to close at 108.90, down 3.48 points over the previous close. The total turnover reported during the day was Rs 65.20 lakh in 3,79,440 shares and debentures. Skindia index slips by 1.42%: The Skindia GDR index dropped by 1.42 per cent from 807.02 to 795.54 on January 22. The Skindia GDR index p/e ratio was 16.53 on January 22 compared with 16.71 on January 21. The top gainers were Indian Aluminium, Indo Gulf and Ranbaxy Labs which quoted at $2.75 ($2.00), $1.10 ($1.00) and $24.00 ($23.50). Losers included GNFC, Raymond Woollen and Mahindra &
Mahindra. Jakarta markets cool on budget: Indonesia's financial markets reacted coolly to the government's 1998/99 revised budget on Friday as it contained no measures to solve the country's corporate debt mess, brokers said. The stock market struggled to rise after the budget announcement and was mainly helped by a climb in bellwether telecommunication shares. The composite index edged up by 1.68 per cent to end at 450.98 on Friday. Call rate ends at 75%: The overnight call money market opened in the region of 65-75 per cent on Friday, up from Thursday's closing level of 60 to 65 per cent. The rates moved up in the morning session to touch a high of 100 per cent. In the afternoon, it came down to close in the region of 65 to 75 per cent. Most deals were struck in the region of 60 to 90 per cent dealers said. Rupee strengthens vs dollar: The rupee continued to strengthen against the US greenback, but ended off its day's high in generally quiet but cautious trade at the interbank
foreign exchange (forex) market on Friday. Opening lower at 38.73/78 per dollar from Thursday's finish of 38.72/76, the rupee firmed up to 38.70/73 at close, after touching an intra-day peak of 38.59/63 on renewed dollar sales. India to step up cotton imports: India plans to boost cotton imports and take advantage of low world prices, as it faces a slide in domestic output and quality problems after a pest attack, according to industry officials. "Last year we imported less than 50,000 bales of cotton," secretary-general of the Indian Cotton Mills Federation, MP Gajaria said. Copper, brass prices recover: Prices of copper and brass recovered while aluminium ingot prices eased on the local non-ferrous metals market on Friday. Copper scrap heavy closed higher at Rs 105.50, copper wire bar at Rs 115.75 and copper utensils at Rs 94.25 per kg. Brass scrap edged up to Rs 83.25 from Rs 83.00 per kg. Aluminium ingots eased to Rs 82.00 from Rs 82.50 per kg. Steep fall in pepper prices:
Pepper prices declined sharply on poor offtake in the wake of fresh arrivals on Friday. Prices of copra office Alapuzha rose further on increased buying while copra office Kozhikode eased on persistent offerings. Black pepper prices declined sharply by Rs 200 per 50 kg to close at Rs 9,000. Sugar prices recover: Sugar prices staged a smart recovery on the wholesale sugar market on Friday on fresh bouts of buying amidst restricted arrivals, dealers said. Small sugar S-30 rose to Rs 1,425/1,465 per quintal while medium sugar M-30 rallied to Rs 1,445/1,515. Castorseed firms: Castorseed prices firmed slightly on Thursday in response to slower arrivals in producing centres and some overseas inquiries, traders said. Castorseed March delivery rose by Rs 1-2 to Rs 1,180 per quintal. Groundnut oil slid by Rs 2 to Rs 364/365 per 10 kg amid demand resistance and light profit taking. Pepper futures untraded: The global pepper futures exchange closed untraded on Friday, an exchange official said."There were no bids for February contract at Rs 16,600 per quintal, April contract at Rs 16,700 and May contract at Rs 16,800," the official said.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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