MUMBAI: Software shares continued to attract buy orders on the stock exchanges. While the specified group representatives like Infosys and Satyam recorded marginal gains, Pentafour Software jumped by 8 per cent to close at Rs 904.15. The stock was traded in the band of Rs 838 and Rs 922 the intra-day's low and high respectively.

Silverline Industries appreciated by 10.04 per cent on the NSE to close at Rs 86.60 where a circuit filter was slapped on the counter to curb further price appreciation. Rumours of a sharp rise in the net profits of CMC, attracted Calcutta line operators at this counter, with the stock appreciating by over 4 per cent to close at Rs 231, with a meagre volume of 27,800 shares.

According to market participants, the absence of liquidity at the software counters has been the prominent reason for the sharp and consistent price rise.

FIIs turn net sellers on SEs

MUMBAI: Foreign institutional investors (FIIs) have resorted topanic selling on the stock exchanges. As per the SEBI figures, FIIs turned net sellers during the first two weeks of May 1998. After an initial sell-out of equity worth Rs 1,175.6 crore during the month of April, the week ended May 8 saw a net FII outflow of Rs 98.4 crore or $ 24.9 million.

The figures compiled for the week ended May 15 were even more alarming. The net FII outflow during the above-mentioned period has been to the tune of Rs 189.3 crore or $ 47.9 million. During the same period, while the FII purchases in equity were Rs 227.9 crore the gross sales were Rs 417.2 crore.

Signifying the impact of the nuclear explosions on the FII sentiment, the figures compiled on the FII activity in the debt segment has been unnerving. The week ended May 15 saw only Rs 1.1 crore FII purchases in the debt segment while the gross sales were pitched at Rs 173 crore, with the total FII outflow the debt segment at $ 43.5 million.