Return
to Story Page
To print: Select File and then Print from your
browser's menu
S Muralidhar
MUMBAI, May 17: Indian paper on the GDR markets witnessed a sharp fall in the mid-session on Monday. The GDR index shed 2.94 per cent at 749.52 over its Friday's close on Monday. The fall in the GDR markets was led by MTNL, Reliance and L&T.
The MTNL GDR dropped by 6.35 per cent at $ 9.95, while VSNL lost 2.125 per cent. State Bank of India, which had led the recovery in the Indian markets on Monday, however, held steady losing about 0.65 per cent. Reliance GDR prices witnessed a sharp fall of 4.31 per cent in the mid-session trading. L&T was down by 4.63 per cent. The GDR markets had witnessed a correction ahead of the domestic markets. The Skindia GDR index which had hit a 52-week high of 804 points dropped towards last week end.
Though the index gained marginally on Friday, Monday's mid-session suggested that the Indian paper was struggling to crawl back. The correction has occurred in almost all the GDRs which had seen a sharp rise during the Indian paper chase.
Hindalco and Indal, which hadgiven early leads to the rally in the GDR markets, declined by 1.51 per cent and 2.82 per cent respectively. The ITC GDR slid 2.95 per cent in the mid-session.
The GDR markets, it may be recalled, was rising at a much faster rate than the domestic markets in the early days of the rally.
The GDR index had posted a gain of over 28 per cent even as the BSE sensex had gained just about 12 per cent.
Interestingly, on Monday, GDRs of Grasim, Century Textiles, Arvind Mills, Ashok Leyland, IPCL and Spic recorded handsome gains.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
------------------------------------------------------------
This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
------------------------------------------------------------