Turnover at SEs tops Rs 65k cr

Mumbai, March 30 | Updated: Mar 31 2006, 05:30am hrs
The turnover at the Indian bourses has joined the two benchmark indices in touching record levels on a daily basis. While the cash segment of the bourses is witnessing huge activity partly due to the high number of block deals being struck on a regular basis, the derivatives segment also touched a new high on Thursday as the March contract expired.

The 30-share Sensex of the Bombay Stock Exchange (BSE), which moved past the Dow Jones Industrial Average on Wednesday, gained an impressive 123.56 points to close at a new high of 11,307.04. The broader S&P CNX Nifty of the National Stock Exchange (NSE) crossed the 3,400-mark and ended the day at 3,418.95, up 64.75 points.

The total turnover at Rs 65,588.50 crore also touched a new record high on Thursday. The previous high of Rs 60,482 crore was recorded on March 8, 2006. The total market capitalisation (m-cap) is also currently at record levels. The total m-cap of both BSE and NSE reached all-time high levels of Rs 29,84,808 crore (up 1.34%) and Rs 27,59,983 crore (up 1.29%) respectively.

Dealers said short covering in the derivatives segment pushed up the benchmark indices further and block deals in many counters boosted cash segment turnover. The combined turnover of the cash segment of BSE and NSE was pegged at Rs 18,321.27 crore. The F&O segment also recorded the highest-ever turnover of Rs 47,272.22 crore.

FIIs and domestic institutions have either been booking profits at higher levels or are buying stocks, which they feel still have the potential to give returns in the future. In many cases, promoters have also been using the bulk deals route to increase their holdings.

Thursdays rise was also marked by an across-the-board surge in stock prices. On BSE, 1,716 stocks gained ground, as against only 757 declines. According to market participants, the mid-caps and small-caps are finally starting to move and participate in the bull run.