Outstandings On Nse Down By Rs 162 Crore

A week before the demise of badla and its variants, the outstanding positions on the Automa- ted Borrowing and Lending Mecha- nism (ALBM) on the NSE declined sharply to Rs 182.77 crore yesterday from Rs 345.16 crore, over a week ago.

This indicates that operators have taken delivery of Rs 162.39 crore worth of stock on the ALBM segment. Outstanding positions on the Global Tele-Systems counter declined by Rs 13.83 crore to Rs 12.47 crore as 5.56 lakh shares were taken for the delivery.

The outstanding on the Reliance Industries and SSI counters declined by around Rs 12.40 crore each as almost 3.50 lakh shares each were absorbed in delivery. As a result, positions worth Rs 8.07 crore remain on the Reliance counter and Rs 5.64 crore remain on the SSI counter.

Infosys Technologies remain on the counter with the largest outstandings of Rs 15.54 crore, followed by Himanchal Futuristic at Rs 12.90 crore and Global Tele at Rs 12.47 crore.

Meanwhile, market movers are beginning to feel the jitters on what will happen after July 2 when badla is finally banned. Key stocks have come in for sharp intra-day and inter-day volatility as players need to enter and exit these stocks within a short time band, not exceeding one day. In any case, brokers have to liquidate their outstanding positions (taken up in the period after May 15) by July 2.

For instance, Infosys Techno- logies saw an intra-day spread of Rs 140 today, even as the outstanding positions on this counter were reduced to zero today. In fact, after the ban was announced, the spread on Infosys had narrowed down to Rs 50-60 in a day.

Brokers said the narrower spreadsreflected the fact that players could always park their positions in the forward segment, without having to sell in desperation. On June 26, Infosys had a net outstanding of over a lakh shares.

Wipro has also reported spreads of Rs 150 in the last few days, compared to an intra-day spread of between Rs 50-80 just after Sebi announced the ban. The net outstanding in Wipro declined from over a lakh shares between May 15-21, to a net selling position of 30,000 shares on June 22 and 25.

Dr Reddy