Market Briefing

Indian GDRs under Kargil pressure

The global depository receipts GDR market was in a nervous condition during the week ended May 27 on reports that the Indian Air Force planes had pounded at the positions taken up by Pakistan-backed infiltrators in Jammu and Kashmir8217;s Kargil area, the Skindia Finance release stated. The news sent shock waves in capital markets and witnessed nervousness among investors over the possibility of an escalation in the flare-up at the cease-fire line with Pakistan, and led to an across the board sell-off.

NSE closes above 1100-mark

Share prices recovered sharply on heavy buying support from local operators and institutional investors at the NSE on Monday. Reflecting the bullish phase, the S P CNX Nifty Index opened at 1098.00 points, touched the day8217;s high of 1132.80 points, a low of 1097.85 points, before closing at 1132.30 points, showing a net gain of 50.80 points from the previous close of 1081.50 points.