Financial Daily from THE HINDU group of publications
Saturday, Jun 01, 2002
Columns - Ear to the ground
ICICI Bank, VSNL firm on fund buying
EVEN as the controversy between the Ministry of Telecommunications and the Tatas rages, the share price of VSNL has remained firm.
Dealers said the firmness in the counter was mainly due to the entry of the stock into NSE's S&P CNX Nifty. Index funds tracking the Nifty index had to purchase shares of VSNL to balance their portfolio.
The stock replaces ICICI in the index. Similarly, ICICI Bank also remained firm mainly due to the entry of the stock into BSE Sensex. Index funds, tracking the Sensex, had bought the shares from the market. In BSE Sensex, ICICI Bank replaced ICICI. The revamped indices come into effect from today.
On Friday's trading VSNL closed 1.07 per cent higher at Rs 188.50 on the NSE with volumes of 3.75 lakh shares. On the BSE, it closed at Rs 188.05, up 0.43 per cent with volumes of 2.2 lakh shares.
ICICI Bank ended 7.40 per cent higher at Rs 129.30 on the BSE with volumes of 77,395 shares and on the NSE 6.89 per cent higher at Rs 139.50 with 3.12 lakh shares being traded.
Infosys falls on FII selling
INFOSYS Technologies ended sharply lower in Friday's trading. FIIs are understood to have sold the software major.
Dealers said the heavy selling was from FIIs following the release of MSCI Index for investment in various countries. MSCI has lowered the weightage of India in its index that was effective from May 31.
Infosys ended 5.29 per cent lower at Rs 3,365 with volumes of 3.24 lakh shares on the BSE. On the NSE, it closed 5.06 per cent lower at Rs 3,336 with volumes of 7.09 lakh shares.
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