BOMBAY, 16 March 2003 — On Monday the BSE closed at 3,125.88. Apart from the tensions over the US-Iraq war situation, the moods were affected adversely on reports that the Maharashtra government may withdraw concessions on stamp duty for non-delivery trades, which could push transaction costs up by 500 percent.
ICICI Bank was one of the major gainers of the day. Punjab Communication lost ground due to persistent selling. Ashok Leyland was up on news that its total vehicle sales in February 2003 had gone up by 36.1 percent.
On Tuesday the BSE closed at 3,154.91.
Reliance Industries (RIL) was up on reports that Indian refiners, led by RIL are stepping up exports of gasoline, diesel and jet fuel, giving them all fat bottomlines.
Tisco saw buying following hopes that the rising steel prices in the global arena might help the company post improved results in this fiscal. Other steel scrips like Jindal Steel, SAIL, Jindal Iron, were also up.
Shipping Corporation of India also surged after it declared a 30 percent interim dividend for the year ending March 31, 2003.
On Wednesday, the BSE closed at 3,110.08. Hero Honda Motor was in the limelight after its technical and equity partner Honda Motor said that it will renew a pact to supply technology to its Indian joint venture for 10 years, when the current agreement expires in 2004. Dena Bank lost ground on reports that the Reserve Bank of India has slapped a prompt corrective action notice on the public sector bank.
Divi’s Laboratories was a new entrant on the bourses after it got listed on the BSE at Rs. 161. It had made a public offering through the 100 percent book-building route and had fixed a floor price of Rs. 130 per share. On Thursday the BSE closed at 3,108.24. Of the 1,633 issues traded on the exchange, declines outnumbered advances, with 830 losers and 626 gainers. 177 issues ended unchanged. In specific stocks, Tisco saw selling as now the perception is that steel prices have reached the peak and they are not expected to rise any further.
Public sector bank stocks like Union Bank of India, Corporation Bank, Canara Bank, Andhra Bank, Bank of India and Bank of Baroda were up following hopes that the government may soon take a decision, allowing higher foreign investment in state-run banks.
The market was closed on Friday for holiday.
Gold was at Rs. 5,530/- per 10 gms and silver was at Rs. 7,940/- per Kg.
US dollar was at Rs. 47.73, pound sterling at Rs. 75.36, euro at Rs. 51.13, UAE dirham at Rs. 12.95, Kuwaiti dinar at Rs. 158.59, Bahraini dinar at Rs. 125.97, Saudi riyal at Rs. 12.68, Qatari riyal at Rs.13.06 and Omani riyal at Rs.123.51.