Financial Daily from THE HINDU group of publications
Wednesday, May 12, 2004
Financial Daily from THE HINDU group of publications Wednesday, May 12, 2004 |
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Markets
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Stock Markets A spell of uncertainty ahead? Our Bureau
Chennai , May 11 INVESTORS may be preparing themselves for a spell of uncertainty in the equity market. The recent shift in concentration of trading in the NSE to high profile companies is in contrast to the interest in smaller companies during the recent boom. NSE's newsletter (March 2004) showed that trading concentration in 2003-04 was lower than the same in preceding year. For instance, by the end of 2003-04, the top 10 stocks contributed only 45 per cent of the turnover as against 55 in the earlier year. In February, however, the trend began to reverse. With the run-up to the elections, the indices slipped. Simultaneously, trading interest again began to concentrate in high profile companies. For instance, in March 2004, top 10 stocks accounted for 55 per cent of the total trading interest, the same level as the average for 2002-03. As against that, the top 10 stocks made up only 46 per cent of the turnover in December 2003. The shift in trading interest to high profile companies has accompanied a weak trend in indices, and come in the backdrop of nervousness about the immediate political situation.
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