Financial Daily from THE HINDU group of publications
Sunday, Feb 20, 2005
Financial Daily from THE HINDU group of publications Sunday, Feb 20, 2005 |
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Stock Exchanges Markets - Stock Markets IndoNext gets off to a good start Suresh Krishnamurthy
BSE IndoNext, a joint initiative of the Bombay Stock Exchange and regional stock exchanges, has got off to a good start. Trading volumes in 505 stocks listed on the IndoNext trading platform have increased and so have the stock prices. Trading volumes in these stocks, carved out of the B1 and B2 groups of the BSE, are also larger than that of the volumes in the B2 group and stood at Rs 100 crore on Friday. Trading in IndoNext began on January 7. In the period since January 7, aggregate average daily volumes in this set of stocks have increased by 36 per cent, against the daily average during the earlier five months. The increase in aggregate daily turnover in terms of value is about 28 per cent. In addition, more stocks are traded regularly. In the five months prior to January 7, only 178 out of the 505 stocks (as part of B1 and B2 then) traded on all days. Since January 7, 434 stocks have traded on daily. However, there has been an increase in trading concentration. The top 20 stocks accounted for 30 per cent of daily volumes in the five months prior to January 7. They now account for about 39 per cent. The increase in liquidity has also impacted stock prices. The aggregate market capitalisation of the set of stocks has increased by about 10 per cent since January 7. During the same period, the BSE Sensex rose 3.5 per cent. Top traded stocks in IndoNext include Jupiter Biosciences, Mercator Lines, Man Industries, Clutch Auto and Amtek Auto. Stocks that have gained in value since January 7 include Interworld.com, Galaxy Entertainment Corporation, Stone India, Suryajyoti Spinning and Alembic Glass. These stocks have gained more than 100 per cent since trading began in IndoNext.
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