Sensex down 182 points
Mumbai: Profit-booking by bulls and offloading by Indian institutional investors resulted in a 183-point drop in the Bombay Stock Exchange’s Sensex on 9 March 2000. The Sensex plummeted 328 points to an intra-day low 5279 before recovering to 5329, which was 3.31 per cent below the previous closing. At the National Stock Exchange, the S&P CNX Nifty closed at 1646.25, losing 20.10 points.

This time infotech and media stocks too were hit. The day’s losers included Silverline Industries, PentaMedia Graphics, State Bank of India, Global Telesystems, BSES, Himachal Futuristics, and Zee Telefilms. Foreign institutional investors made net sales of Rs 72.90 crore.

On the BSE, of the 139 stocks traded in the forward group, 85 were losers and 50 gainers. In the BSE’s B1 group there were 627 declines against 238 advances, and in the B2 group there were 761 declines against 407 advances. On the NSE, of the 2,408 stocks traded, 695 were gainers and 1,473 losers.

The BSE recorded an aggregate volume of Rs 4,823.76 crore and the NSE Rs 6,118.57 crore.
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BSE norms for scrips listed on other exchanges
Mumbai: The Bombay Stock Exchange has announced listing norms for companies listed on any other stock exchanges that want a listing on the BSE too. These norms will be applicable only to companies with issued capital between Rs 5 and 10 crore.

Such companies should have a track record of profits for at least three years. Their market capitalisation should be at least Rs 20 crore on the basis of the average price for the previous six months. At least 25 per cent of their issued capital should be owned by the public (including bodies corporate). And they must comply with certain trading criteria. For example, their shares should have been traded for at least on half the total number of trading days during the previous six months on any stock exchange, with an average daily volume and number of trades at a minimum 1,000 shares and five trades in the previous three months.

These companies will have to sign an agreement with CDSL and NSDL for dematerialised (demat) trading.
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Sebi reviews margins
Mumbai: It is reported that, following protests by brokers of leading stock exchanges, the Securities and Exchange Board of India is reviewing its decision to force brokers to take the cash component of their margins and additional base capital to 50 per cent by 31 March. It seems that some stock exchanges have warned Sebi that they may face difficulty in implementing such norms.
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UTI seeking ways to avoid dividend tax
Calcutta: India’s biggest mutual fund organisation, the Unit Trust of India, is considering ways to neutralise the impact of the increase in dividend tax on debt funds proposed by the Union budget for 2000-01. One option might be to not distribute dividend under its income schemes, and to go for repurchase arrangements with investors instead.
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