However, the BSE Sensex fell by 14.77 points to 2974.83 during the same period. On Thursday, 22 out of the 65 GDRs were quoted at their 52-week low values and the list included Reliance at $ 4.90. The Reliance GDR was at a discount of 8.45 per cent on Thursday, thus putting a selling pressure on the share. Overall, 65 GDRs lost 0.28 per cent during the week and the shares declined by 0.05 per cent.

In GDRs, telecom sector was the major gainer which increased by 3.68 per cent, followed by steel (3.57 per cent) and hotel (2.11 per cent). In shares, top gainer was cement rising 3.74 per cent, followed by telecom (3.49 per cent) and fertiliser (1.66 per cent).

Aluminium was the major loser in both the GDRs and shares. In GDRs it declined by 5.86 per cent and shares by 5.33 per cent. Other top losers in GDRs were fertiliser (-1.42 per cent) and textiles (-1.40 per cent) and in shares steel (-4.64 per cent) and textile (-3.07 per cent).

Top gainers in GDRs during the week were: Arvind Mills by 21.05 per cent jump to $ 1.15, Indian Hotels 10.07 per cent to $ 7.65 and Videocon Int 8.70 per cent to $ 1.25. Top losers in GDRs were Bombay Dyeing which fell 16.67 per cent to $ 1.25, Raymond Woollen declined 15.63 per cent to $ 2.70 and Reliance 7.55 per cent to $ 4.90. Pharma sector which was a star performer in the GDR in 1997 seems to have run out of steam. As against an average gain of 64.94 per cent in the previous year, it had lost 8.33 per cent in the first eight months in the current year. The fall in this sector is less in comparison with the Skindia GDR index which, lost 37.62 per cent during the corresponding period last year. The pharma sector on an average depreciated 4.97 per cent in the first half of 1998, while it declined 5.26 per cent in the following two months.

In the first half of this year, the decline was due to Ranbaxy Labs which fell 39.25 per cent. If Ranbaxy is deleted from the study, then it would be a different picture altogether and the average returns for the sector becomes a positive value of 6.46 per cent.

The Skindia GDR index has declined by 31.13 per cent in the first half of this year and 12.53 per cent in the following two months. During July and August this year, Ranbaxy Labs and Wockhardt lost 14.93 per cent to $ 14.25 and 13.79 per cent to $ 5.50 respectively.