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April 28, 2001
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Money > Business Headlines > Report April 28, 2001 |
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Sensex to slide further as financiers run for coverSamata Dhawade Market sources feel that the Bombay Stock Exchange sensex could slip further in the coming days as badla financiers may desperately try to offload their positions. "In the context of severe losses in recent times, they would be unable to deliver stocks they have contracted to purchase in the forward segment," they said. Moreover, with the market sentiment turning hostile, scrips with substantial long positions have already started losing ground in anticipation of a supply overhang. The top five scrips in terms of outstanding positions account for over 20 per cent to total outstanding position on the BSE's borrowing and lending of securities system and 29 per cent on the National Stock Exchange's automated lending and borrowing mechanism. Satyam Computer, which topped the pecking order, had a net position of 1.7 million shares worth Rs 425 million in the ALBM as on April 25, 2001. The scrip closed at Rs 188.10, down 14.96 per cent on Friday. On the ALBM, the net position was at Rs 378 million with 1.4 million shares as on April 21, 2001. The rising long positions, especially in the past two trading cycles (after market had bottomed out), had a reverse effect with most of them hitting the lower end of the circuit filter. Global Tele-Systems and Himachal Futuristic Communications, which have huge positions on the exchanges, also closed at the lower end of the circuit filter. Global Tele-Systems closed at Rs 192 on the NSE today, while Himachal Futuristic closed at Rs 143.90. The outstanding position at the Global Tele-System counter was 1.6 million shares on the NSE and 1.1 million shares on the BSE. Himachal Futuristic had 2.2 million shares on NSE and 1.8 million shares on BSE. With most of the operators shifting their position from technology to non-technology segments such as cement, steel, automobiles and pharmaceutical, there are not many non-technology stocks with high outstandings. The reason for this could be the attractive low price-to-earning ratios of technology stocks. Powered by YOU MAY ALSO WANT TO READ:
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