K-10 Shares Clock More Than Half Of Bse+Nse Volumes

The 'K10' stocks continued to hog the limelight, cornering 56.74 per cent of the combined volumes on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) today.

The volumes on the BSE and the NSE today aggregated at 29.86 crore shares of which K-10 stocks alone aggregated 16.94 crore shares.

The fear of an enquiry by the Securities and Exchange Board of India gripped the market today, which resulted in a 30 per cent increase in K-10 volumes today.

The Himachal Futuristic Communication Ltd (HFCL) share was the centre of attraction with volumes in the share soaring by 74.50 per cent today.

HFCL's volumes on the BSE and NSE touched an all-time record of 5.39 crore shares on account of large scale intra-day buying and selling, says a BSE broker.

The stock closed 15.29 per cent lower at Rs 94.15. GTL's volume rocketed by 87.9 per cent at 3.38 crore shares today from 1.80 crore shares yesterday. The stock fell by 8.94 per cent at Rs 115.15.

Satyam Computer, too, registered heavy activity with volume soaring by 50.95 per cent to 3.01 crore shares. The stock rose 1.88 per cent at Rs 225.15.

The volumes in K-10 stocks have been on the ascend ever since September 21, 2001. The volume in these shares was 40 per cent of the total volumes seen on the two bourses on December 4, 2001.

Market operators seem to have seized the opportunity to sell K-10 stocks in order to escape the enquiry by the capital markets watchdog.

In the past 7 trading days, the market value of K-10 stock has declined by 18.93 per cent. Both GTL and HFCL fell by over 28 per cent each, while another K-10 stock, Aftek Infosys declined by 26.18 per cent.

Zee Telefilms (down 22.6 per cent), SSI (down 23.78 per cent), DSQ Software (down 24.6 per cent), Silverline Technologies (down 21.7 per cent) and Pentamedia Graphics (down 20.3 per cent) were also on the casualty list.