Second-tier stocks including Summit Bank, WorldCall and JS and Co remained the most active stocks.
Blue chip Emaar Properties jumped 2.2 percent and
second-tier stocks in the sector were also bought in late trade, with Union Properties closing 2.0 percent higher and Deyaar adding 2.3 percent.
Jimmy Choo is among a number of
second-tier stocks that could get demoted into the small cap index when the FTSE Russell EMEA Committee confirms the results of its quarterly review today.
The key highlight for the week was impressive volumes in the
second-tier stocks as average traded volume/value witnessed jumped by 97%/44% to $275mn shares and $100mn respectively.
Overall market breadth, however, remained positive on persistent buying by retail investors in
second-tier stocks. Foreign portfolio investors bought shares worth a net Rs9.55 billion on Tuesday, provisional data showed.
Second-tier stocks witnessed heavy selling from retail investors and their indices underperformed the Sensex Realty, power, capital goods, consumer durable, metal, refinery and banking shares took the lead in downslide Shares of railway-related companies that were trading up at initial stages dropped up to 20% on profit-selling Prominent losers included Texmaco Rail, Titagarh Wagons, Kalindee Rail Nirman and Container Corporation.
Falls by main indexes contrasted with gains in
second-tier stocks (including Rosinter, Protek, Open Investments,Sollers, MRSKs, etc.).
Second-tier stocks Pennon and Northumbrian Water were raised to neutral from underperform, helping them rise 4.5p to 621.5p and 5.6p to 314.1p.
Investors were also focused on events outside the top flight after results from
second-tier stocks including TaylorWimpey and Enterprise Inns.
ING, which has had an office in Poland since 1991, counts pension funds, mutual funds and retail investors among its client base, which Pryer claims enables the firm to "find the other side of the trade for international investors and cross blocks, not only in blue chips, but also in
second-tier stocks".
"However, the market managed to close in the positive zone while
second-tier stocks were active."
Second-tier stocks were helped by takeover interest.
