K-10 Trades Surge On Bourses

Despite the downturn in major indices, the K-10 stocks sported a combined volume of more than five crores on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) today. The huge volume was supported by a price increase ranging between 1 per cent and 13.48 per cent.

While on the BSE, a total of 1,71,08,075 shares of K-10 scrips changed hands, on the NSE 3,47,19,145 shares were transacted during the day. Last Friday, the combined volume stood at 1,05,17,172 shares with 34,31,321 shares on BSE and 70,85,851 shares on NSE.

The stars of the show were speculator's delights: Satyam Computer and Himachal Futuristic. Both of them hogged limelight by smart upward movement and stupendous volumes.

Satyam closed at Rs 214.20 on the BSE after touching an intra-day high of Rs 221.90, recording a rise of 1 per cent. The volume was significant too at 41,44,528, On the other hand, at NSE, Satyam closed at Rs 213.20 after touching Rs 221.40 mid-day with a volume of 88,25,326 shares.

HFCL, at the same time, rose 4.24 by per cent at the BSE. It closed at Rs 93.45 after touching a high of Rs 95. The volume in the scrip was at 45,49,303. On the NSE, the scrip closed at Rs 93 with a volume of 1,08,61,999 shares.

Zee Telefilms, the other favourite, was not far behind. The stock rose by 4.97 per cent on the BSE to close at Rs 135.25. On the NSE, the scrip closed at Rs 134.60. Volumes were at 39,77,140 shares and 70,61,353 shares, respectively.

Analysts said the spurt in prices of K-10 stocks was not reflected in the indices of both the premier bourses because these barometers had not given proper weightage to these scrips. "Both the indices are traditionally tilted in the favour of manufacturing companies. The BSE and NSE authorities are periodically updating their indices by replacing some shares by others. However there is no thumbrule in constructing an index," they commented.

They also said that today's spurt indicated a short-term price rally in the software scrips. Some other scrips are likely to go up riding piggy back on this bullish wave. In contrast, the Sensex was down 12.62 points and Nifty by 1.75 points.