Badla rates shoot up

The year end considerations according to badla financiers was the main obstacle in the supply of fresh funds in the system.

quot;Badlas should be well absorbed by the marketon Monday. We could witness range bound movement in the market indices coupled with good volumes. We are heading for a choppy market with the emphasis on pharma and Info-tech stocks,quot; said the cheif dealer of Woodstock Securities, Arun Kejriwal. He also emphasised on the developments in the context of two heavy weight stocks and four pharma stocks entering the no-delivery phase from Monday.

Beginning from Monday, stocks like HLL, Glaxo, Smithkline Pharma, Burroughs Welcome, ABB and Emerck will traded on no-delivery basis on the Bombay Stock Exchange. Interestingly, SBI attracted a lower carry forward charge of 21.5 per cent against the market average of 25.7 per cent. According to market sources, the counter had over the past two weeks attracted substantial delivery based purchases hence the drop in the carry forward rates.