Mumbai, June 12: Carryforward rates ruled firm on the Bombay Stock Exchange on Saturday and touched an intra-session high of 19 per cent before settling around an annualised rate of 15.3 per cent. The low for the session was 14 per cent. Despite a fall in long positions to Rs 1,087 crore, the badla rates continued to hover around last Saturday's level as number of badla financiers moved out of the system. ``People are worried about putting money owing to the continued crisis on the Kashmir front,'' said a BSE broker. ``The underlying sentiment is firm and the market wants to move up but it has been throttled due to the Indo-Pak tension. All now depends on how events unfold on the Kargil front,'' he added.Stocks like MRF, Wartsila Diesel and GE Shipping attracted high badla charges. While the average badla rates were around 15.3-15.6 levels, the MRF counter saw a carryforward rate of 16.03 per cent.
The value of the open long positions at the MRF counter was valued at Rs 13.39 crore even as the volume ofshares dropped from 0.84 lakh on June 5 to 0.74 lakh on June 12.
In the case of GE Shipping, the weighted average of interest rate was still higher at 16.22 per cent. The counter has seen a sharp rise in the volume of outstanding long positions from 43.54 lakh shares to 70.66 lakh shares. As a result, the value of open long postions has vaulted from Rs 9.36 crore to Rs 15.90 crore.
On the other hand, stocks like L&T and Atlas Copco saw backwardisation charges of Rs 9.5 and Rs 50 respectively, which points at the high short sale positions at these counters. At the L&T counter, the volume of shares was 11.66 lakh valued at Rs 33.82 crore. Both Bajaj Auto and Telco, which go into no-delivery on BSE from June 14, saw book-closure backwardisation charges of Rs 2.57 and Rs 1.26, respectively.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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