SECURITIES AND EXCHANGE BOARD OF INDIA
October1998
SECURITIES AND EXCHANGE BOARD OF INDIA
TRENDS
IN PRIMARY MARKET
The resources mobilised from the primary market
in the first seven months of the current financial year(April-October 1998)
was about 19 per cent higher at Rs 2688.77 crore than the amount of Rs
2264.14 crore raised during the same period of previous year. So far 34
issues has been made in the current financial year which is less than half
of the number of issues made during the same period of previous year, implying
a significant increase in the number of issues of larger size during the
current financial year compared to same period last year. Seventy six per
cent of the capital raised in the first seven months of the current financial
year however was on account of two financial institutions alone namely
ICICI and IDBI which made five large issues to raise Rs 2050 crore.
Status of Offer
Documents
During the first seven months of the current
financial year (April 1998 to October 1998), the SEBI received 34 offer
documents for an amount of Rs.1008.08 crore and cleared 36 issues amounting
to Rs. 1436.48 crore against 77 offer documents received for Rs 3055.69
crore and 71 offer documents for Rs 2083.41 crore cleared during April
- October 1997. The decline in offer documents received and cleared is
an indication of low investment activity in primary market in future.
Table 1: Status of
Offer Documents(Amount in Rs Crore)
|
|
|
|
|
|||||
|
No.
|
Amount
|
No.
|
Amount
|
No.
|
Amount
|
No.
|
Amount
|
|
| Received |
34
|
1008.08
|
77
|
3055.69
|
05
|
55.92
|
12
|
945.88
|
| Cleared |
36
|
1436.48
|
71
|
2083.41
|
04
|
183.61
|
09
|
264.89
|
Source: SEBI
During October 1998, the SEBI received 5 offer
documents amounting to Rs 55.92 crore comparing with 12 offer documents
amounting to Rs 945.88 crore during the same month in 1997 showing a steep
decline of 94.09 per cent. During the month under review, 4 offer documents
amounting to Rs 183.61 crore were cleared comparing with 9 offer documents
amounting to Rs 264.89 crore cleared during the previous month showing
a decrease of 30.68 per cent in value terms.
Capital Raised
As regards capital raised in October, 1998,
2 issues for raising Rs 409.84 crore opened as compared with 5 issues for
Rs 422.92 crore during the same month of previous year indicating a decline
of 3.09 per cent in mobilisation of resources. During April-Oct 1998, there
were 34 issues opened for collecting Rs 2688.77 crore compared to 75 issues
for Rs 2264.14 crore during the same period in 1997 with an increase of
18.75 per cent in value terms eventhough the number of issues showed a
steep decline of 54.67 per cent.
Table 2: Capital
Raised During 1998-99(Amount in Rs crore)
|
|
|
|
|
|||||
|
No.
|
Amount
|
No.
|
Amount
|
No.
|
Amount
|
No.
|
Amount
|
|
| Public |
19
|
2443.76
|
46
|
877.96
|
01
|
400.00
|
04
|
413.03
|
| Rights |
15
|
245.01
|
29
|
1386.18
|
01
|
09.84
|
01
|
09.89
|
| Total |
0
|
0
|
||||||
Source: SEBI
The activity of rights issues has been on
the low ebb during the current financial year so far. During April-October
1998, there were 15 rights issues for Rs 245.01 crore as compared to 29
issues for Rs 1386.18 crore during the same period of 1997. Monthly analysis
of amount of capital mobilised reveals that after two consecutive months
of low capital mobilisation(May-June 1998), there was a steep increase
in the activity during July to October 1998.
Chart 1: Capital Raised through Public and Rights Issues During 1998-99
Table 3: Monthwise Capital
Raised(Amount in Rs crore)
|
Apr.'98 - Oct.'98
|
Apr.'97 - Oct.'97
|
|||
|
No.
|
Amount
|
No.
|
Amount
|
|
| April |
04
|
409.33
|
17
|
216.03
|
| May |
04
|
97.10
|
14
|
1104.06
|
| June |
05
|
100.39
|
21
|
124.94
|
| July |
06
|
365.52
|
08
|
173.89
|
| August |
04
|
333.08
|
07
|
193.88
|
| September |
09
|
973.51
|
03
|
28.42
|
| October |
02
|
409.84
|
05
|
422.92
|
| Total | ||||
Source: SEBI
Large Issues
There were 5 large bond issues of Rs 2050
crore during April-October 1998, of which 3 issues each valuing at Rs.300
crore and one issue valuing at Rs 400 crore were issued by the ICICI amounted
to Rs.1300 crore. The IDBI made an issue of Rs 750 crore. During the corresponding
period in 1997, there were 7 issues of Rs 100 crore and above each amounting
to Rs 1753.84 crore.
Table 4: Mega Issues
During 1998-99
| Name of the Company | Type of
Issue |
Type of
Instru. |
Issuedate
|
Offersize
(Rs. in Cr.) |
| The Industrial Credit
&
Invt.Corp.of India Ltd |
Public | Bonds |
27/04/98
|
300.00
|
| The Industrial Credit
&
Invt.Corp.of India Ltd |
Public | Bonds |
16/07/98
|
300.00
|
| The Industrial Credit
&
Invt.Corp.of India Ltd |
Public | Bonds |
27/08/98
|
300.00
|
| Industrial Development Bank of India | Public | Bonds |
21/09/98
|
750.00
|
| The Industrial Credit
&
Invt.Corp.of India Ltd |
Public | Bonds |
26/10/98
|
400.00
|
| Total |
.00
|
Source: SEBI
Sizewise Analysis
During the month under review, the average size of the issue sharply
increased to Rs 204.92 crore from Rs 84.58 crore for the corresponding
month of previous year. The average amount raised per issue of Rs 79.08
crore during April-October 1998 was higher than the average of Rs 30.19
crore in April-October 1997.
Table 5: Sizewise
Distribution of Issues Opened During 1998-99(Amount in Rs crore)
|
|
|
|
|
|
||||
|
No.
|
Amount
|
No.
|
Amount
|
No.
|
Amount
|
No.
|
Amount
|
|
| <5 cr. |
10
|
21.27
|
39
|
93.25
|
00
|
0.00
|
02
|
01.55
|
| =>5cr. <10cr. |
03
|
21.84
|
19
|
129.61
|
01
|
09.84
|
01
|
9.89
|
| =>10cr. <50cr. |
10
|
201.83
|
09
|
227.92
|
00
|
0.00
|
00
|
0.00
|
| =>50cr. <100cr. |
06
|
393.83
|
01
|
59.52
|
00
|
0.00
|
00
|
0.00
|
| =>100cr. <500cr. |
04
|
1300.00
|
06
|
954.55
|
01
|
400.00
|
02
|
411.48
|
| =>500 cr. |
01
|
750.00
|
01
|
799.29
|
00
|
0.00
|
00
|
0.00
|
| Total |
0
|
0
|
||||||
Source: SEBI
Type-wise Issue
Analysis
The listed companies share in the total capital
mobilised for October 1998 was 409.84 crore compared with Rs 9.89 crore
in October, 1997. Thus, the listed companies mobilised 100 per cent of
total capital in October 1998. In 1997, listed companies mobilised only
2.34 per cent and the rest of the capital was raised by IPOs. For the first
seven months of the current financial year, listed companies with Rs 2406.7
crore sharing 89.51 per cent of the total capital raised. During the same
period, market received 11 IPOs amounting to Rs 282.07 crore comparing
with 43 IPOs amounting to Rs 748.22 crore in the corresponding months of
previous year. The lower amount mobilised through IPOs is an indication
of slack in entry of new units in the economy.
Table 6:Type wise
Break-up of Issues(Amount in Rs crore)
|
|
|
|
|
|||||
|
No.
|
Amount
|
No.
|
Amount
|
No.
|
Amount
|
No.
|
Amount
|
|
| Listed |
23
|
2406.70
|
32
|
1515.92
|
02
|
409.84
|
01
|
9.89
|
| IPOs |
11
|
282.07
|
43
|
748.22
|
00
|
0.00
|
04
|
413.03
|
| Total |
0
|
0
|
||||||
Source: SEBI
Chart 2: Type of Issues During 1998-99
Sectorwise Analysis
Sector Wise analysis reveals that only private sector companies raised
capital in October 1998 while in October 1997 public sector was also active.
During April-October 1998, the market witnessed 31 issues of private sector
amounting to Rs 2585.45 crore comparing with 69 issues for Rs 1778.6 crore
during April-October 1997. The resources raised by the other two sectors
during the current financial year were insignificant.
Table 7: Sector wise
Breakup of Issues Opened During 1998-99(Amount in Rs crore)
|
|
|
|
|
|
||||
|
No.
|
Amount
|
No.
|
Amount
|
No.
|
Amount
|
No.
|
Amount
|
|
| Private |
31
|
2585.45
|
69
|
1778.60
|
02
|
409.84
|
03
|
11.44
|
| Joint |
02
|
33.02
|
03
|
31.11
|
00
|
0.00
|
00
|
0.00
|
| Public |
01
|
70.30
|
03
|
454.43
|
00
|
0.00
|
02
|
411.48
|
| Total |
0
|
0
|
||||||
Source: SEBI
Appraisal Status
In October 1998, there was 1 unappraised issue
aggregating to Rs 400.00 crore whereas in October 1997, there were 4 unappraised
issues amounting to Rs 422.67 crore. During April-October 1998, there were
23 unappraised issues (67.65 per cent of the total number of issues) amounting
to Rs. 2440.08 crores (90.77 per cent of the total amount raised) during
the current period as compared to 53 issues (70.67 per cent of the total
number of issues) amounting to Rs.1089.01 crores (48.10 per cent of the
total amount raised) in the corresponding period last year. Out of 34 issues
that entered the market in the current period, 23 were self-appraised,
1 was appraised by a bank, 2 were appraised by the financial institutions
and 8 were appraised by the developmental financial institutions.
Table 8: Project
Appraisal Status(Amount in Rs crore)
|
|
|
|
|
|||||
|
No.
|
Amount
|
No.
|
Amount
|
No.
|
Amount
|
No.
|
Amount
|
|
| Appraised |
11
|
248.69
|
22
|
1175.13
|
01
|
09.84
|
01
|
0.25
|
| Unappraised |
23
|
2440.08
|
53
|
1089.01
|
01
|
400.00
|
04
|
422.67
|
| Total |
0
|
0
|
||||||
Source: SEBI
Region wise Distribution
Analysis
Regionwise distribution of capital raised
in October 1998 reveals(table-9), that there has been an increase in the
capital raised in the western and northern regions over the same month
of 1997. However, there was no issue from eastern and sourthern regions
during the month under review comparing with northern regions nil position
during the same month in 1997. The western region witnessed only one issue
but in terms of value there was a steep increase of 271.3 per cent.
Table 9: Region wise
Distribution of Capital Raised(Amount in Rs crore)
|
|
|
|
|
|
||||
|
No.
|
Amount
|
No.
|
Amount
|
No.
|
Amount
|
No.
|
Amount
|
|
| Northern |
09
|
169.31
|
10
|
104.42
|
01
|
09.84
|
00
|
0.00
|
| Eastern |
04
|
128.87
|
20
|
995.00
|
00
|
0.00
|
02
|
11.19
|
| Western |
16
|
2272.89
|
33
|
580.41
|
01
|
400.00
|
02
|
107.73
|
| Southern |
05
|
117.70
|
12
|
584.31
|
00
|
0.00
|
01
|
304.00
|
| Total |
0
|
0
|
||||||
Source: SEBI
During April-October 1998, of the 34 companies
which raised capital from the market, 16 belonged to western region followed
by 9 issues from northern region, 5 and 4 issues from southern and eastern
regions respectively. In terms of value, the western region shared 84.53
per cent of the total capital mobilised during April-October 1998 compared
with 25.63 per cent during the corresponding period of the previous year.
Chart
3: Region wise Distribution of Capital Raised
Industry wise
Analysis
Industry wise details of capital raised from
the primary market are presented in Table 10. The analysis reveals that
banking and financial institutions with Rs 400.00 crore accounted for 97.60
per cent of the total amount of capital raised from the market during October
1998.
Table 10: Industry
wise Capital Raised(in Rs crore)
|
|
|
|
|
|
||||
|
No.
|
Amount
|
No.
|
Amount
|
No.
|
Amount
|
No.
|
Amount
|
|
| Banking / FIs |
09
|
2266.00
|
02
|
448.38
|
01
|
400.00
|
01
|
304.00
|
| Cement & Const. |
02
|
32.18
|
04
|
15.76
|
00
|
0.00
|
00
|
0.00
|
| Chemical |
02
|
36.50
|
04
|
196.69
|
00
|
0.00
|
00
|
0.00
|
| Electronic |
02
|
88.36
|
02
|
44.05
|
00
|
0.00
|
01
|
9.89
|
| Engineering |
02
|
2.31
|
05
|
61.81
|
00
|
0.00
|
00
|
0.00
|
| Finance |
04
|
22.52
|
18
|
69.33
|
00
|
0.00
|
00
|
0.00
|
| Food Processing |
02
|
21.10
|
02
|
70.16
|
00
|
0.00
|
00
|
0.00
|
| Health Care |
00
|
0.00
|
05
|
23.55
|
00
|
0.00
|
00
|
0.00
|
| Info. Tech. |
00
|
0.00
|
01
|
8.51
|
00
|
0.00
|
00
|
0.00
|
| Metal |
02
|
3.51
|
05
|
811.57
|
00
|
0.00
|
00
|
0.00
|
| Mining |
01
|
20.40
|
01
|
107.48
|
00
|
0.00
|
01
|
107.48
|
| Misc. |
02
|
7.50
|
14
|
139.79
|
00
|
0.00
|
01
|
1.30
|
| Packaging |
00
|
0.00
|
02
|
4.96
|
00
|
0.00
|
01
|
0.25
|
| Power |
01
|
13.10
|
00
|
0.00
|
00
|
0.00
|
00
|
0.00
|
| Telecommn. |
00
|
0.00
|
01
|
5.07
|
00
|
0.00
|
00
|
0.00
|
| Textile |
04
|
121.54
|
05
|
208.50
|
01
|
09.84
|
00
|
0.00
|
| Tourism |
00
|
0.00
|
02
|
28.10
|
00
|
0.00
|
00
|
0.00
|
| Transport |
01
|
53.75
|
02
|
20.43
|
00
|
0.00
|
00
|
0.00
|
| Total |
0
|
0
|
||||||
Source: SEBI
Textile industry occupied second position
by mobilising the balance capital of Rs 9.84 crore in October 1998 whereas
in October 1997, it did not enter the market at all. During the first seven
months of 1998-99, banking and financial institutions with 9 issues amounting
to Rs 2266.00 crore shared 84.28 per cent of total capital mobilised. The
increase in number of issues as well as amount was dispersed over a large
number of industry groups during the first seven months of current year
which would suggest there has been an all-round pick up in the economic
activity with better expectations.
Instrument wise
Analysis
Instrument wise details of capital raised
indicate that during October 1998 bond issue accounted for 97.6 per cent
of total resources mobilised followed by equity issues. During the corresponding
month of previous year, premium equity issues dominated the market accounting
for 97.29 per cent of the mobilised capital. During the current financial
period so far, funds raised through bond issues were the highest at 76.24
per cent followed by equity at 19.17 per cent whereas during the corresponding
period of 1997.funds raised through equity issues were the highest with
47.63 per cent closely followed by OFCDs with 40.22 per cent. Thus fixed
income instruments are getting priority in the order of preference of investors
Table 11: Instrumentwise
Distribution of Capital Raised(Amount in Rs crore)
|
|
|
|
|
|
||||
| No. | Amount | No. | Amount | No. | Amount | No. | Amount | |
| Equity - par |
13
|
152.94
|
49
|
211.14
|
01
|
09.84
|
03
|
11.44
|
| - premium |
11
|
362.42
|
20
|
1078.47
|
00
|
0.00
|
02
|
411.48
|
| CCPS |
02
|
37.21
|
00
|
0.00
|
00
|
0.00
|
00
|
0.00
|
| FCDs |
03
|
71.33
|
04
|
63.92
|
00
|
0.00
|
00
|
0.00
|
| Bonds |
05
|
2050.00
|
00
|
0.00
|
01
|
400.00
|
00
|
0.00
|
| OFCDs (Optnlly. |
00
|
0.00
|
03
|
910.61
|
00
|
0.00
|
00
|
0.00
|
| Fully Convt. Debt) | ||||||||
| & OFCDDs (Op. Fully | ||||||||
| Convt. Discntd. Debt.) | ||||||||
| OCCPS (Op. Convt. |
01
|
14.87
|
00
|
0.00
|
00
|
0.00
|
00
|
0.00
|
| Cumm. Pref. Shares) | ||||||||
| Total |
0
|
0
|
||||||
Source: SEBI
Notes: 1-Optionally Fully Convertable Debentures
2- Optionally Convertable Cumulative Preference Shares
Note: Number of issues counted
on the basis of instrument i.e. if a company has offered more than one
instrument, they have been counted as a separate issue.
Underwriting
As regards underwriting activity, one public issue of Rs 400.00 crore was not underwritten in October 1998 while in the corresponding month in 1997, 4 issues were opened amounting to Rs 413.03 crore out of which three issues were not underwritten. During April-October 1998, out of 19 issues only 4 issues were underwritten with Rs 140.22 crore forming 5.74 per cent of the total capital raised whereas during the same period in 1997, 7 out of 46 issues were underwritten with Rs 274.73 crore, a share of 31.29 per cent. The contraction in underwriting activities suggest that the proportion of quality issues is increasing with adequate response from investors.
Table 12: Trends
in Underwriting(Amount in Rs crore)
| Public Issues |
|
|
|
|
||||
|
No.
|
Amount
|
No.
|
Amount
|
No.
|
Amount
|
No.
|
Amount
|
|
| Underwritten |
04
|
140.22
|
07
|
274.73
|
00
|
0.00
|
01
|
107.48
|
| Not underwritten |
15
|
2303.54
|
39
|
603.23
|
01
|
400.00
|
03
|
305.55
|
| Total |
0
|
.00
|
0
|
|||||
Source: SEBI
As per the data available with SEBI as on
November 02, 1998 from the post-issue reports from lead managers, there
were 3 issues amounting to Rs.188.43 crore for the period April 97 to
October 97 that were undersubscribed. However, later on they were subscribed.
During the period April 98 to October 98 the number of issues undersubscribed
increased to 6 valued at Rs.107.87 crore, out of which 4 issues were later
on subscribed.
TRENDS
IN SECONDARY MARKET
Index Movement
The equity market witnessed volatility of
lower order in the month of October, 98. The magnitude of volatility declined
from 5.26 per cent in June to 1.93 per cent in October 1998. The reduction
in index instability may be the result of volatility measures taken by
the SEBI. The Natex, S&P CNX Nifty and CNX Junior Nifty also witnessed
decline in volatility providing support to BSE Sensex movement. The BSE
sensex which opened at 3036.15 as on October 5, 1998, closed at 2812.49
as on October 13, 1998 recording a fall of about 224 points or 7.7 per
cent over the month, whereas BSE 100 during the same period registered
a fall of 109 points. The sensex reached the high at 1356.87 as on October
30, 1998 and the lowest at 1227.06. During the month under review, equity
index varied either way with a falling trend.
The sensex after firming up persistently between
October 5, 1998 and October 7, 1998 from 2878.08 to 3008.63 dived to 2896.14
as on October 8, 1998 and thereafter consistently reached as low as 2764.16
as on October 20, 1998 before rising to 2895.84 as on October 27, 1998.
As regards S&P CNX Nifty, it opened at 904.75 as on October 5, 1998
and closed at 824.0 as on October 31, 1998 reflecting a fall of lower than
that of BSE Sensex. The trend in equity prices in the month of October
was dominated by the heavy selling pressure of FIIs. The developments in
the equity market have shown that the fundamentals did not determine the
equity prices during the month under review.
Deliveries and
Turnover
The average daily turnover at NSEIL and The
Stock Exchange, Mumbai was Rs 1435 crore and Rs 1243 crore respectively.
It shows an increase of 9.14 per cent at NSEIL and a decline of 8.58 per
cent at The Stock Exchange, Mumbai which was due to the inclusion of muhurat
trading which was only for a short period. The daily turnover at The Stock
Exchange, Mumbai reached a high of Rs 1768.45 crore on October 6, 1998
and a low of Rs 213.19 crore on October 19, 1998 during the muhurat trading.
At NSEIL, a high of Rs 2100.31 crore registered on October 8, 1998 and
a low of Rs 365.93 crore on October 31, 1998 during special trading seassion
to test the disaster site efficiency at Pune.
The delivery statistics did not show much
change over the previous month and stayed at 16.99 at The Stock Exchange,
Mumbai and 14.89 per cent at NSEIL. The delivery ratio at The Stock Exchange,
Mumbai has been continuously increasing and has been higher than NSEIL
since May 1998. The all India market capitalisation rose by 3.19 per cent
during September 1998 over August 1998.
Ratio Analysis
Price earning ratio moved in tandem with equity
prices. The fall in equity index depressed Price Earning (PE) ratio, which
after rising from 10.41 as on October 5, 1998 to 10.88 as on October 7,
1998 declined gradually to 10.00 as on October 20, 1998 and further to
9.83 as on October 30, 1998 reflecting positive relationship with the movement
of index. The PE ratio though lower for BSE 100 moved in the same direction
as indicated by sensex PE ratio. The price to book ratio of Natex was very
low at 1.32 signaling that the medium capitalised stocks were poorly discounted
in the market. The Price to book ratio of sensex stocks was hovering at
1.89 and the yield stood at 2.11 for SENSEX and 2.56 for NATEX.
As regards the turnover, on the BSE it did
not show encouraging trend for the month under review. The total turnover
for October for the BSE was Rs.22369.58 crore amounting to Rs.1242.75 crore
per day. The turnover in case of dematerialised scripts aggregated Rs.166.8
crore or Rs.9.3 crore per day.
Chart
4: Volatility of Major Indices
Table 13: Volatility
of Major Indices(in %age)
| Month | Sensex | Natex | S&P CNX Nifty | CNX Junior Nifty |
| Jan-98 |
4.83
|
4.74
|
4.67
|
4.02
|
| Feb-98 |
2.62
|
2.70
|
2.97
|
3.98
|
| Mar-98 |
2.30
|
2.60
|
2.02
|
4.03
|
| Apr-98 |
2.17
|
2.36
|
1.96
|
6.04
|
| May-98 |
3.24
|
2.93
|
3.09
|
2.93
|
| June-98 |
5.26
|
5.92
|
5.11
|
7.72
|
| July-98 |
3.45
|
3.25
|
3.12
|
3.89
|
| August-98 |
2.66
|
2.26
|
2.57
|
1.84
|
| Sept-98 |
3.21
|
2.91
|
3.10
|
2.16
|
| Oct-98 |
1.93
|
1.89
|
1.81
|
2.54
|
Table 14 : Sensex
Movement During October 1998
| Date | Open |
|
|
|
|
|
|
(%) |
| 5/10/98 | 3036.15 |
3036.15
|
2877.92
|
2878.07
|
5.50
|
10.41
|
1.75
|
2.28
|
| 6/10/98 | 2873.97 |
2919.74
|
2820.77
|
2919.74
|
3.51
|
10.56
|
1.77
|
2.24
|
| 7/10/98 | 2940.13 |
3010.65
|
2939.62
|
3008.63
|
2.42
|
10.88
|
1.83
|
2.18
|
| 8/10/98 | 3029.10 |
3045.54
|
2896.14
|
2896.14
|
5.16
|
10.47
|
1.76
|
2.26
|
| 9/10/98 | 2916.34 |
2960.82
|
2885.67
|
2916.66
|
2.60
|
10.55
|
1.77
|
2.25
|
| 12/10/98 | 2914.50 |
2926.25
|
2850.50
|
2872.48
|
2.66
|
10.39
|
1.74
|
2.28
|
| 13/10/98 | 2849.10 |
2865.24
|
2785.41
|
2832.03
|
2.87
|
10.24
|
1.72
|
2.31
|
| 14/10/98 | 2831.27 |
2909.43
|
2799.00
|
2890.72
|
3.95
|
10.45
|
1.76
|
2.27
|
| 15/10/98 | 2875.06 |
2895.28
|
2848.55
|
2857.27
|
1.64
|
10.33
|
1.73
|
2.29
|
| 16/10/98 | 2889.70 |
2895.57
|
2837.98
|
2848.11
|
2.03
|
10.30
|
1.73
|
2.30
|
| 19/10/98 | 2860.94 |
2871.71
|
2848.11
|
2853.27
|
0.83
|
10.32
|
1.73
|
2.30
|
| 20/10/98 | 2845.86 |
2845.86
|
2753.34
|
2764.16
|
3.36
|
10.00
|
1.68
|
2.37
|
| 23/10/98 | 2757.04 |
2798.88
|
2741.22
|
2784.46
|
2.10
|
10.07
|
1.69
|
2.35
|
| 26/10/98 | 2908.51 |
2922.32
|
2878.98
|
2889.71
|
1.51
|
10.10
|
1.72
|
2.26
|
| 27/10/98 | 2891.36 |
2895.90
|
2856.32
|
2895.84
|
1.39
|
10.12
|
1.72
|
2.26
|
| 28/10/98 | 2913.62 |
2913.62
|
2832.95
|
2833.04
|
2.85
|
9.90
|
1.69
|
2.31
|
| 29/10/98 | 2825.46 |
2845.51
|
2787.90
|
2845.16
|
2.07
|
9.95
|
1.69
|
2.30
|
| 30/10/98 | 2844.15 |
2862.31
|
2812.49
|
2812.49
|
1.77
|
9.83
|
1.67
|
2.32
|
Source:BSE
Table 15: National
Index Movement During October 1998
| Date | Open |
|
|
|
|
|
|
|
| 5/10/98 | 1356.87 |
1356.87
|
1284.07
|
1284.28
|
5.67
|
9.53
|
1.22
|
2.76
|
| 6/10/98 | 1282.40 |
1302.85
|
1259.61
|
1302.85
|
3.43
|
9.67
|
1.24
|
2.72
|
| 7/10/98 | 1310.93 |
1343.70
|
1310.92
|
1343.11
|
2.50
|
9.97
|
1.28
|
2.64
|
| 8/10/98 | 1351.13 |
1357.05</ |