BPO firm, Firstsource Solutions, topped the average daily volume for the week ended 23 February 2007 with 1.99 crore shares. It debuted at Rs 75.10 on Thursday (22 February) compared to IPO price of Rs 64. It settled at Rs 79.60 on the day of its debut.

IFCI, Zee News, Redington India, Cinemax India, Reliance Natural Resources, Pochiraju Industries, Global Broadcast News, Himachal Futuristic Company, Bellary Steels, Sail, and Aptech were the other average daily volume topper for the week ended 23 February 2007.

IFCI was volume topper on most of the days during the week under consideration. The scrip dropped 4.63% for the week ended 23 February 2007 to close at Rs 27.80. The scrips average daily volume for the week ended 23 February 2007 stood at 1.86 crore shares, compared to its average daily volume of 65.58 lakh shares in the past one year.

The third average daily volume topper for the week ended 23 February 2007 was Zee News. The scrip surged 15.34% for the week to close at Rs 41.35 on an average daily volume of 1.06 crore shares, compared with the companys average daily volume of 27.60 lakh shares in the past one year.

Redington India stood fourth in the average daily volume toppers for the week ended 23 February 2006. The scrip dropped 11.61% to close at Rs 144.30 on 23 February 2007 compared to its closing price last weekend. The scrip, however, was traded heavily in the market. Its average daily volume for the week ended 23 February stood at 45.33 lakh shares compared to its average daily volume of 81.89 lakh shares during the past one year.

The other high average daily volume gainers were Cinemax India at 43.71 lakh shares (86.71 lakh shares was its average daily volume in the past one year), Reliance Natural Resources at 39.90 lakhs shares (41.25 lakh shares), Pochiraju Industries at 36.20 lakh shares (70.20 lakhs shares), Global Broadcast News at 33.57 lakh shares (40.60 lakh shares), Himachal Futuristic Company at 31.52 lakh shares (26.41 lakh shares), Bellary Steels at 31.47 lakh shares (18.35 lakh shares), SAIL at 28.97 lakh shares (33.69 lakh shares), and Aptech at 28.48 lakh shares (4.30 lakh shares).

The market had declined through the week amidst high volatility. Factors like the CRR-hike, rising inflation, concern over rising domestic interest rates, unwinding in derivatives ahead of expiry of February 2007 contracts on 22 February 2007, and fear that short-term capital gains tax may be hiked in the Union Budget 2007-08 to be read in Parliament on 28 February 2007 were the major trigger for the fall in the market. Caution was also partly due to worries of a possible interest rate hike by the Bank of Japan (BoJ), which was raised to 0.50% on 22 February 2007.

The BSE Sensex shed 723.02 points for the week ended 23 February 2007, to settle at 13,632.53 compared with the previous weeks closing of 14,355.55 on 15 February 2007. The S&P; CNX Nifty lost 207.30 points, to settle at 3,938.90 compared with the previous weeks closing at 4,146.20.

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