MUMBAI, February 14: Dull sentiments amidst lacklustre trades continued to dominate the GDR markets, with the Skindia GDR Index registering a meagre gain of 0.86 per cent to close at 842.92 points on February 12.``With Moody's having put on hold the review of India's sovereign rating till the elections, a wait and watch attitude has been observed among the GDR market makers,'' stated a Skindia release.
``The lack of commitment was apparent as the 65 GDRs gained marginally by 0.26 per cent during the week-ended February 12,'' it added.
Reflecting the lack of interest at the GDR markets, the Index which gained about 2.64 per cent on February 9, shed 25.21 points during the week. However, ITC outperformed with the stock touching a new 52-week high of $ 22 on February 12.
During the same period, the Skindia GDR Index P/E ratio inched up marginally to close at 17.74 registering a gain of 1.06 per cent. However, the Skindia GDR Index premium made a sharp recovery of 8.22 per cent to close at 26.02 per centover its previous week's close of 24.04 recorded on February 5.
Among the top gainers during the same period were Larsen, Telco and ICICI which recorded gains of 11.63 per cent, 7.14 per cent and 5.77 per cent respectively. Larsen closed at $ 12, Telco at $ 7.50 and ICICI at $ 13.75. However, during the same period, Reliance lost by 3.23 per cent to close at $ 7.50 on February 12. The other losers during the period between February 5 and 12 were Grasim ($ 7.25) and EIH ($ 10.25) which fell by 9.38 per cent and 10.87 per cent respectively.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
