Sensex rises 142 points
Mumbai: The Bombay Stock Exchange Sensex shook off the post-budget jitters and rose steeply, moving up 300 points on 6 March from the previous close, to decline on profit booking and close at 5,520.69, which was 142.42 points , or 2.64 per cent, over its previous close. The S&P CNX Nifty closed 32.50 points, or 2 per cent up, to close at 1,688.50.

Not surprisingly, information technology and telecom stocks were favourites. Infosys Technologies was the prime mover. Having made big gains on the Nasdaq on 3 March, Infosys hit the upper circuit on the BSE to close at Rs. 11,842.40. Himachal Futuristic topped the BSE volume list with 74.38 lakh shares valued for Rs. 1,618.1 crore. Foreign funds, domestic funds, mutual funds and market operators bought stocks in other sectors too.

The buoyancy reinforced the belief that the fall in stock prices in the previous two sessions was a technical correction.

Because of the Monday being the penultimate day of settlement on the National Stock Exchange, there were divergent trend on the BSE and NSE in terms of advances and declines. While the BSE recorded 1,186 advances against 980 declines, trading on the NSE saw 681 declines against 310 advances.
Back to News Review index page  

Plantations companies may be wound up
Mumbai: Some 600 plantation companies may face liquidation if they do not apply for provisional registration with the Securities and Exchange Board of India by 31 March 2000. Of about 630 plantation companies, which raised around Rs 2,800 crore from the public, only 31 have applied for such registration so far, it is reported. These 31 account for barely Rs 250 crore.
Back to News Review index page  

Media stock IPOs line up
Mumbai: Following the resounding success of two recent initial public offers from media companies, TV18, and Cinevista Communications, other media companies are planning to make public issues, it is reported. They include ATN, Creative Eye, Magnasound, NDTV, Nimbus Communications, Sagar Entertainment, Sun TV, and UTV.

Most of these companies are likely to go the book-building route for a bulk of their issues.
Back to News Review index page  

Sensex may be recast again
Mumbai: It is believed that the Bombay Stock Exchange’s index committee will meet soon to decide on revamping the BSE’s 30-share Sensex. It is likely that some cyclical companies will be replaced by information technology and media scrips.
Back to News Review index page  

Sebi code for mutual funds?
Mumbai: Market regulator Securities and Exchange Board of India will formulate a best practices code for mutual funds, including a uniform code for employees of funds for trading in shares. The code may require close-ended mutual funds schemes to disclose their net asset values daily, and to adhere to certain ethical norms in selling mutual fund products.
Back to News Review index page