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June 27, 2001
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Money > Business Headlines > Report June 27, 2001 |
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Net outstandings on BSE up Rs 300 millionB G Shirsat Net outstanding positions on the Bombay Stock Exchange increased by Rs 300 million on Tuesday, as speculators-undeterred by the July 2 deadline for the end of deferral products-jumped in to ride the rising markets. The net outstanding positions (long purchases less short sales) on the BSE increased from Rs 3.03 billion on June 25 to Rs 3.32 billion on June 26. The operators seem to have seized the opportunity in the early morning session when most of the key ICE stocks were stuck close to their lower circuit filter levels. The sensex opened at 3313.13 against Monday's close of 3318.67. The market, however, took a sharp swing and within 30 minutes, most of the ICE stocks were frozen at the upper eight per cent of the circuit filter. Earlier in the day, dealers had attributed the market buying frenzy to speculative interest, noting that most of the purchases were done on a forward basis. BSE data confirmed that speculators had taken long positions possibly at the early morning lows. Satyam Computer attracted speculative interest when the stock fell to its 52-week low of Rs 148.50. As a result of speculative buying, the net outstanding in Satyam Computers increased by 1 million shares. Satyam remained frozen at the 16 per cent circuit filter limit for most of the day, before closing 13.54 per cent higher, at Rs 176.55. Indeed, speculative long purchases on the Satyam counter accounted for almost two-thirds of the total increase in positions. Himachal Futuristic too recovered sharply after hitting a 52-week low of Rs 59.10. At the end, the stock closed 16 per cent higher at Rs 74.45. Net outstanding in HFCL rose by nearly 100,000 shares. Similarly, Global Tele-Systems also closed 16 per cent higher. The NIIT stock too closed 16 per cent higher at Rs 346.25, even though net positions on the counter declined by 100,000 shares. The National Stock Exchange does not release outstanding positions on its automated lending and borrowing mechanism on a daily basis. Powered by YOU MAY ALSO WANT TO READ:
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