2 percent and second-tier stocks
in the sector were also bought in late trade, with Union Properties closing 2.
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
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.
Pennon and Northumbrian Water were raised to neutral from underperform, helping them rise 4.
Investors were also focused on events outside the top flight after results from second-tier stocks
including TaylorWimpey and Enterprise Inns.
However, the market managed to close in the positive zone while second-tier stocks
were helped by takeover interest.
But other second-tier stocks
fared much worse, with investment firm Rathbone Brothers suffering a 12 per cent fall to close 158p lower at 1157p.
The no-frills model will likely focus on large, listed stocks, while the full-service version will offer all of the services available today for second-tier stocks