Reliance pushes NSE to record

PUBLISHED : Thursday, 01 February, 1996, 12:00am
UPDATED : Thursday, 01 February, 1996, 12:00am

THE daily net trading volume on the 14-month-old National Stock Exchange (NSE) touched a high of 9.5 billion rupees (about HK$ 2.02 billion) yesterday, breaking the record for any stock exchange in India.

The figure was 56 per cent higher than the previous high of 6.1 billion rupees the exchange recorded on January 29.

Not even during the heyday of Big Bull Harshad Mehta did the Bombay Stock Exchange (BSE), the country's largest, record a daily trading volume of even five billion rupees.

The BSE record remains 4.88 billion rupees, set in April 1992.

The aggregate volume on the NSE was more than six times the average daily turnover of 1.5 billion rupees recorded during the month of October 1995 and nearly four times the daily average of 2.5 billion rupees recorded during November 1995.

The jump in volume was attributed to massive short-covering by bears in Reliance Industries Limited (RIL) before the end of the current settlement so as to avoid deliveries.

The RIL counter alone accounted for 6.5 billion rupees, or around 63 per cent of the total volume for the day.