GDR index recovers due to Union budget

MUMBAI, FEB 21: The Skindia GDR Index and BSE Sensitive Index recovered marginally during the week ended on February 18. The GDR markets remained undecided mainly due to expectations from the forthcoming budget and political uncertainty despite foreign institutional investor (FII) support.

The Skindia GDR index gained by just 2.29 points to 603.56 points on February 18 as compared to last week closed of 601.26 points, showing average by 0.38 per cent. During the week, the BSE Sensex gained by 37.65 points (1.14 %). Out of 61 GDRs, there were 20 gainers, 33 losers while 8 remained unchanged. The top gainers for the week in GDRs were IPCL $7.53 (5.63), M&M $5.65 (4.70) and Usha Beltron $1.75 (1.50) while the top losers for the week were Hindustan Development $0.10 (0.18), JCT Ltd $0.75 (1.00) and Flex Industries $0.40 (0.50). In underlying shares Jain Irrigation, Usha Beltron and IPCL which appreciated by 60.53%, 40.00 % and 39.15 % respectively while the Garden Silk, Oriental Hotels and Arvind Mills whicheased by 17.82 %, 7.87 per cent and 6.99 % respectively.

Cable sector was the highest gainer, appreciating by 13.25 %, followed by pharma and steel with 5.40 % and 3.32 % respectively. The top losers were hotel, aluminium and textiles which depreciated by 8.46 %, 6.39 % and 4.65 per cent respectively.The auto industry average for underlying shares was 15.24 % gain as compared to the Sensex.