RIL GDRs during the mid-session on Thursday hit all-time high of $ 15. Compared to its BSE closing price of Rs 249, the GDRs were trading at a premium of 31 per cent. The current GDR price gives a rupee equivalent of Rs 326. Earlier, the FIIs had set a target price of Rs 285 for the Reliance scrip in the domestic market, and since that target has already been achieved in one month in the overseas market, dealers feel that the Rs 285-level in the counter is not far off.Special FII deals in HDFC
The HDFC counter once again witnessed special bargain deals among FIIs, which were reported on October 6 on the BSE. This time around the deals were at a lower price of 294.25, put through by ABN Amro and JM Morgan each for a total volume of 53,000 shares. However, the deals were at a premium to the day's closing of Rs 279 on the BSE. This is the second time a special bargain deal among FIIs was struck in the market in the last two weeks. The previous deals done on September 28 and September 30 were at a higher price of Rs 305 and Rs 316, respectively, for a total volume of 2.4 lakh shares.
Such deals are allowed in those scrips where the FII investments have reached the ceiling. The overall ceiling remains the same as the deals are done among the FIIs. These deals, at a premium to the market price, suggest that there is enough FII interest in the stock.
The Moody's upgarding had a definitive effect on the SBI scrip, feel brokers. According to one market player, usually any sovereign upgrading or downgrading is followed by a similar move for the financial institutions. This has made punters to place a lot of hope in the SBI counter. The SBI counter closed its BSE trading at the circuit level of Rs 231.65 with a total turnover of Rs 106.44 crore from 46.71 shares. On the NSE the scrip closed at Rs 232.55.
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