Delivery-based trades on the National Stock Exchange (NSE) amounted to only 32.02 per cent of the total traded quantity during the first 10 trading days of June (till June 14), according to NSE data. The rest is all speculative fizz, the creation perhaps of day traders.
However, the 32 per cent figure is misleading, too. Deliveries in the 10 most traded stocks aggregated no more than 11 per cent, and higher deliveries in the other stocks at 38.87 per cent boosted the overall average to a respectable 32 per cent. Information available from the NSE website, www.nseindia.com, shows deliveries in the 10 top traded stocks aggregated around 10-11 per cent of the total trade though the overall daily deliverable quantity for all traded stocks ranged between 27.44 per cent and 35.65 per cent of the traded quantity. Till June 14, 2140.6 million shares were traded on the NSE, of which only 685.3 million shares were offered for delivery.
Similarly, though the top 10 traded stocks account for 24.6 per cent of the total traded volumes, their share in the deliveries is a modest 9.5 per cent. This simply means deliveries in the top 10 stocks amount to a mere 3.04 per cent of the total traded volumes. The other stocks account for 90.5 per cent in the deliveries and 75.4 per cent in the total traded quantity.
The deliverable quantity in Satyam Computers, the most traded stock on the NSE, aggregated 9.30 per cent, in GTL 9.06 per cent, in Rolta 7.26 per cent, in NIIT and VisualSoft 8.82 per cent each, in Digital Global Soft 4.39 per cent, in Polaris Software 9.44 per cent, in Himachal Futuristic 13.28 per cent, in Zee Telefilms 14.6 per cent and in Telco 26.11 per cent.
The deliveries in front-line operator-fancied stocks aggregated around 10-11 per cent with deliveries in Aftek Infosys 8.04 per cent, in Mastek 9.95 per cent, in Geometric Software 8.44 per cent and in Hinduja TMT 10 per cent.
There are reasons for the unusual spurt in the prices of the second-rung stocks this month.
Hughes Telecom
