BSE volumes skyrocket on block deals

Thanks to huge block deals in HDFC and Glenmark Pharma, the volumes at the Bombay Stock Exchange (BSE) spurted to a new high. The BSE volumes rose to Rs 4,148.5 crore, its highest ever since March 2005.

HDFC lead the volumes chart with trades of Rs 1,039 crore on back of a huge block deal executed on the BSE. CLSA Merchant Bankers Ltd bought 1,19,75,025 shares of HDFC from SLAC Mauritius Investment at Rs 841.00 per share amounting to Rs 1,007.09 crore.

In Glenmark Pharma, Morgan Stanley Investments bought 11,28,419 shares from CDC Investment Holdings Ltd at Rs 270 per share amounting to Rs 30.46 crore.

The number of block deals executed on the BSE has been on a rise of late.

Brokers said, block deals are preferred on the BSE because trading starts a minute or a two late and its easy to execute the block deal. In Tuesday's trading, block deals were executed on more than 40 counters.