Turnover of delivery trades doubles

Foreign institutional investors (FIIs), mutual funds, operators and retail investors have taken delivery of shares worth Rs 2,27,490 crore ($50 billion) in the current bull run, beginning April 2003 till December 31, 2003.

During the whole of 2002-2003 (April-March), delivery-based turnover amounted to Rs 1,49,214 crore ($32.79 billion).

Thus, on an annualised basis, the delivery turnover in the first nine months of the current year is almost double last year's delivery turnover.

Deliveries accounted for 20.61 per cent of the total traded volumes in the first nine months of the current fiscal, the highest ever in the last 10 years. During the bull run of 1999-2000, delivery-based turnover hovered around 15 per cent of the total.

Investors took deliveries of 2,462 crore shares between April and December 2003 compared with 1,543 crore shares in fiscal 2002-2003, reflecting a 113 per cent jump on an annualised basis.

Of the total deliveries, 60.57 per cent was accounted for by FIIs alone. The FIIs bought and sold shares worth Rs 1,37,204 crore ($30.18 billion) on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

The NSE cornered the lion's share of 78 per cent of FII turnover with the rest going to the BSE. Local mutual funds too stepped up their delivery based turnover in the current fiscal with delivery turnover of Rs 48,907 crore ($10.77 billion), accounting for 21.59 per cent of the total delivery-based turnover.

With FII and mutual funds sharing 82.16 per cent of the delivery-based turnover, operators and retail investors put in only Rs 40,420 crore or 17.84 per cent.

In the tech-led rally, operators and retail investors were major participators, cornering a 45.75 per cent share (Rs 1,20,265 crore) in 1999-2000 and 38.86 per cent (Rs 1,06,161 crore) in 2000-2001.