Mumbai, June 21: The chase for cyclicals continued unabated in the GDR market on Monday even as the domestic players shifted to IT stocks. More, the GDR market rose at a much faster pace. The Skindia GDR index rose 3.58 per cent in the mid-session, while the BSE Sensex was up 2.44 per cent.As there are no IT papers available in the GDR markets, the focus was on economy sensitive stock. Besides, MTNL, which is being rerated as a software company continues to be a bright spot in the GDR market. MTNL was up 4.91 per cent to $ 11.23. The market favourite ITC was up 4.58 per cent at $ 30.25 per cent. The benchmark GDR Index was up 3.58 per cent at 813.11 points. And the average of all scrips, on the other hand, was up 1.79 per cent.
At $ 17.18, the two-wheeler major Bajaj Auto was commanding a premium of 30.67 per cent over its domestic price.
Among the top perfomers, EIH, the hotel major, was up 10 per cent at $ 5.23, followed by a 9.9 per cent rise in SAIL to $ 2.78. ICICI also gained substantially to $10.53, a rise of 6.58 per cent. The rise in GDRs of these papers is expected to sustain the buying in domestic market, say market sources.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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