Sensex up 69 points
Mumbai: On a day when trading in other stocks was listless, information technology stocks were in demand. This segment got a boost with news of Australian media tycoon Kerry Packer buying 10 per cent of Himachal Futuristic Communications Ltd for over rs 1,000 crore.

The Bombay Stock Exchange Sensex closed at 5,590, or 69.16 points higher than its previous close. At the National Stock Exchange, the S&P CNX Nifty gained 14.25 points, or 0.84 per cent, to close at 1,688.50.

Of the 139 stocks traded in the BSE’s forward group, 98 declined and 39 advanced. In the B1 group there were 582 declines and 279 advances, and in the B2 group there were 525 declines against 745 advances. On the NSE, among the NSE-50 stocks, there were 40 declines and 10 advances, and in the and the NSE-Midcap group there were 39 declines and 10 advances.

The NSE registered volumes of 5,588.44 crore, and the BSE RS 5,130.56 crore.
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ICICI Ventures investment in Niku multiplies 47 times
Mumbai: The shares of Niku Corporation, which was listed on the Nasdaq recently soared, taking the value of the $2 million investment in the company made by ICICI Ventures to $93 million, it is reported. Earlier, the $2.4 million investment that ICICI Ventures and Trust Co of the West had made in neoforma.com, which sells medical supplies on the Internet, had shot up to $102 million after that company was listed on the Nasdaq.

Niku’s offerings include internet software products and the creation of an online marketplace for sourcing, management and delivery of professional services.
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NSE revises capital market timings
Mumbai: The National Stock Exchange has revised market timings for its capital market segment. This segment of the market will open at 9.55 a.m. and close for half an hour from 11 am to 11.30 a.m. It will reopen at 11.35 after a pre-open session of five minutes and will close for the day at 4 p.m.

An NSE press release says that during the pre-open phase, members will not be permitted to place any new orders or modify existing orders, but they will be allowed to cancel any of the existing orders.

According to the release, the limited physical market and the ALBM session will remain open for trading as per these timings. However, the ALBM session on Wednesdays shall continue to commence for trading at 9.30 a.m.

The revised timings will be effective until 17 March.
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RBI withdraws MMMF norms
Mumbai: On 7 March the Reserve Bank of India withdrew its guidelines on money market mutual fund schemes. The regulation of such funds will now come under the SEBI (Mutual Fund) Regulations, according to a RBI press release.

Only, banks and financial institutions planning to set up money market mutual funds would have to get a clearance from the Reserve Bank for this additional activity before they approach Sebi for registration.
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Kothari Net Fund collects Rs 500 crore
Mumbai: The Internet Opportunities Fund from Kothari Pioneer Mutual Fund has collected Rs 500 crore from its initial public offering. This scheme will invest mainly in dotcom companies, portals, Internet service providers, software service providers, and other companies that relate to the Internet economy. It will also invest in organisations in traditional sectors, which are using technology to change their way of doing business.

Since January 2000, three technology funds, including the Internet Opportunities, have received subscriptions totalling some Rs 1,400 crore. The others include Prudential ICICI, and Alliance Capital Mutual Fund.
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Dresdner exits Tata Asset Management
Mumbai: It is reported that Dresdner RCM Global Investors Asia, which owns 20 per cent of Tata Asset Management, decided to sell its stake to the Tata group promoter companies. Tata Asset Management is now negotiating with some other international players for a strategic joint venture.

Tata Mutual Fund manages some Rs 930 crore in assets through its nine open-ended funds.
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Kirti Shah declared defaulter
Mumbai: The Bombay Stock Exchange has declared Kirti J. Shah, a member of the exchange, as a defaulter. Mr. Shah has been asked to refrain from doing any further business on the exchange.

The BSE says Mr. Shah has not rectified the bad deliveries raised against him by various members, nor has he paid clearing house dues.
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Nasdaq crosses 5000
New York: The Nasdaq composite index crossed the 5,000-mark with hectic buying in new economy stocks.
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